Spotlight: Sumitomo Shareholders OK Zions Takeover

Sumitomo Bank of California shareholders approved a $546-million takeover by Zions Bancorp of Salt Lake City, according to the San Francisco-based unit of Japan’s Sumitomo Bank Ltd. Zions agreed in March to buy Sumitomo’s shares for $38.25 each. It also agreed to pay $32.26 a share for the Japanese parent’s 85% stake. The transaction was controversial when it was announced in March because Zions was to buy the troubled bank for 24% less than its market price. Sumitomo stock has fallen that much since.