Shareholders for Bank of America and Merrill Lynch have given their blessings to the banks' $16.5bn (€13bn) merger, and it may result in stock-based awards of $5m for Merrill Lynch chairman and chief executive John Thain.

Merrill Lynch stockholders will receive 0.8595 per share of Bank of America common stock for each share of Merrill Lynch common stock held immediately prior to the merger. In addition, Merrill Lynch will become a wholly-owned subsidiary of Bank of America Corporation.