Persimmon's £643m Westbury deal to conclude 6 January

Housebuilder Persimmon has sent details to its shareholders of its £643m takeover of rival Westbury.

The circular includes the announcement of an extraordinary general meeting on 6 January, when they will be asked by the board to approve the deal. Last week, Persimmon posted an offer document to Westbury shareholders asking them to accept the 560p a share offer by 3pm on the 6th.

The takeover will make Persimmon the country's biggest housebuilder by volume, constructing 16,700 units in England, Scotland and Wales next year. It should also propel the company into the FTSE-100. The Persimmon board believes it can make £40m synergy savings from the deal by 2007, although some analysts have suggested that the company is being conservative in its estimates.