BMW shareholders have given the green light for the conversion of preferred shares into common stock. At the Annual General Meeting, shareholders voted almost unanimously in favor of the move, the Munich-based automaker announced on Wednesday. The conversion will be carried out via an amendment to the articles of association without any additional payment obligation for preferred shareholders. CFO Walter Mertl stated that common shares are the decisive factor for BMW's weighting in equity indices such as the Dax or the Euro Stoxx 50. Following the conversion, their free float share will rise significantly by approximately 19 percent. 'This step thus strengthens BMW's weighting in relevant indices.' The simplified capital structure represents clear added value for investors and could have a positive impact on the performance of BMW's share price. Previously, BMW's share capital consisted of 91 percent voting common shares and approximately nine percent non-voting preferred shares, which received a higher dividend in return.

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