Stockholders Back Big Brokerage Merger

Dean Witter Discover & Co. and Morgan Stanley Group Inc. intend to complete their $10 billion merger within days after securing shareholder approval Wednesday for the combination.

The combined company by some measurements will surpass Merrill Lynch & Co. as the world’s biggest securities company, uniting one of the nation’s biggest brokerages with an elite investment bank.

Dean Witter’s shareholders voted overwhelmingly Wednesday for the merger at the company’s annual meeting in Jersey City, N.J. At the same time, Morgan Stanley stockowners cast a similarly resounding vote in favor of the deal at a special meeting in New York.

The companies said they expect to complete the deal by the end of the month, which concludes Saturday. The required regulatory approvals have been secured.

The new company will be known as Morgan Stanley, Dean Witter, Discover & Co. and it will offer credit card services, mutual fund management, investment banking and brokering.

Morgan Stanley is a powerhouse in mergers and in underwriting securities. Dean Witter peddles stocks, bonds and mutual funds on Main Street.