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BANGALORE: Shareholders of Siemens VDO Automotive have approved the share exchange ratio of 1:12 (one share of Siemens Ltd for every 12 shares of Siemens VDO Automotive) for the merger of the company with Siemens Ltd.

The company informed the Bombay Stock Exchange on Monday that though it had proposed the share exchange ratio of 1:4 or buyback of shares at Rs 375 or more, the proposal was defeated with 53 members voting against the amendment and 25 members voting for it.

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