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Finnish elevator maker Kone said on Wednesday its shareholders have approved the company's planned $34 billion acquisition of German rival TK Elevator (TKE), which is set to create the world's largest lift making group.

Brussels' antitrust rules have already once helped derail an attempt to create the world's top lift maker, but Kone's proposed new tie-up with TK Elevator shows the Finnish group is banking on a change in Europe's approach to forging regional champions.

Under the deal, Kone would pay the consortium that owns TK Elevator around €5 billion in cash and up to 270 million newly issued Kone shares.

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