If it proceeds as planned, HRG's acquisition by American Express Global Business Travel would give the latter new proprietary operations in Austria, Italy and Russia. As if integration of acquired companies isn't difficult enough, GBT also would need to sort out a complicated array of relationships the two travel management companies hold in markets where they don't own the operation. These include joint ventures and partnerships in Brazil, China and Japan.

HRG shareholders on Friday voted overwhelmingly in favor of the roughly $571 million takeover. The deal remains . . .

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