Roads have been cleared for Lion Nathan to merge with Kirin's Australian dairy processing business, National Foods, as stakeholders voted overwhelmingly for the transaction. About 91.9 per cent of non-Kirin shareholders favored the scheme be implemented on October 21, at the meeting that took place today.

The new entity Lion Nathan National Foods Pty Ltd will become soon operational under Lion chief Rob Murray.

The Japan-based Kirin will acquire 53% stake in Lion Nathan, under a $3.5 billion buy-out deal, offering $12 a share, including a 50c special dividend. Stakeholders, however, regretted that they will no longer receive a 'steady' dividend stream.

Pat Shore, having 30 years association with the firm, said: "I am sorry to lose sight of this company. I have my regrets as Lion Nathan has been a really healthy company and paid the right dividends."

Yet another shareholder, Bruce Croll also expressed similar sentiments, adding: "I will miss the dividend. Now I have to figure out what shares I should buy with $13,000 I expect to receive from Lion Nathan."