NEW YORK — Shareholders of Chase Manhattan Corp. and J.P. Morgan & Co. voted to approve the merger of the companies at a meeting Friday. Chase will exchange 3.7 shares of its stock for each share of Morgan’s.

The deal has declined in value since the companies announced their intention to combine in September, from about $33 billion to $27 billion, based on Chase’s stock price last week.

The transaction is scheduled to close Dec. 31, the companies said in a joint press release. The new company will be called J.P. Morgan Chase & Co.

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.