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PHH Said Shareholders Approve GE Deal

October 2, 2007

NEW YORK – Mortgage and vehicle fleet company PHH Corp. said its stockholders have approved its buyout by GE Capital Solutions, a unit of General Electric, according to Reuters. Based on the preliminary tally of shares voted, about 86 percent of the total votes favored approval, the Mount Laurel, New Jersey-based company said in a statement.

GE and the Blackstone Group agreed in March to acquire PHH for $1.8 billion. Under the terms of that transaction, GE would retain PHH’s vehicle fleet company PHH Arval and sell PHH Mortgage to Blackstone immediately after closing.

Last week, PHH said the takeover could collapse because Blackstone faces a shortfall of up to $750 million in debt financing. PHH has said it expects GE to fulfill its obligations under the merger deal, according to Reuters.

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