The sale, which is conditional on shareholder approval, should be completed by the end of October.

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The sale is subject to approval by the Committee on Foreign Investment in the United States (CFIUS).

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Earlier this autumn, the Senate voted 70-28 to tack an amendment on to the annual agricultural appropriations bill that would have ended all prohibitions on the sale of food and medicine and required congressional approval for any such sanctions in the future.

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On Monday, the NBA gave tentative approval to the sale of the woeful Sacramento, Calif.

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Mr Hoban added that the sale was expected to be completed on 1 January 2012, subject to regulatory approval.

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The sale is expected to be completed on January 1, 2012, subject to national and EU regulatory approval.

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Bear was reportedly seeking to authorize the sale of a 39.5% stake on Sunday night, which under Delaware law can be done without shareholder approval.

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