Car company shareholders issue shares

The shareholders of Volkswagen AG have approved a new plan to use some 135 million new shares in the company . The aim of the share issue is to generate income, to help the planned takeover of fellow car company Porsche AG.

A meeting in Hamburg on Thursday night reportedly met with the approval of 99 per cent of shareholders . The company will plan to purchase 49.9 per cent of Porsche for several billion dollars in a deal that will take place in the next week.

The car company intends to take over Porsche in full by 2011, following an initial attempt for the smaller company to take over the larger one. Volkswagen are the largest carmaker in Europe, and offer a range of vehicles and car finance deals.

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Car company shareholders issue shares

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