Shareholders have approved the merger of Dean Witter, Discover & Co. and Morgan Stanley Group Inc.

The $9.4 billion deal, announced in February, is expected to be completed this week. Analysts said the combination of Morgan Stanley's institutional clout with Dean Witter's retail network could create a fearsome competitor.

Eighty-seven percent of Dean Witter's shareholders voted for the merger, and 83% of Morgan Stanley's shareholders gave the thumbs up in separate meetings Wednesday.

The combined entity, to be named Morgan Stanley, Dean Witter, Discover & Co., will have market capitalization of about $21 billion, based on February share prices.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.