By  on January 30, 2014

SYDNEY — The battle for Billabong is over, with U.S. hedge funds Oaktree Capital Management and Centerbridge Partners set to take a 40.8 percent stake of the company.

At an extraordinary general meeting at Billabong’s Gold Coast, Queensland, headquarters on Thursday, 92.55 percent of proxy votes were in favor of issuing 329 million shares to the consortium at 41 Australian cents, or 36 cents, each for 135 million Australian dollars, or $119 million, partial payment of a $360 million debt and equity rescue deal initially proposed in September.

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