By Sarah Sloat

German energy company RWE AG (RWE.XE) is moving ahead with the delisting of its 39 million preferred shares, which are being converted as planned into common shares with voting rights.

The measure satisfies a call by institutional shareholders that every share in a company be assigned one vote, according to the "one share, one vote" principle, and simplifies the company's capital structure, RWE said.

With the one-for-one conversion, the number of RWE common shares will increase to 614.7 million.

The move was approved at the company's shareholder meeting last month.

Write to Sarah Sloat at sarah.sloat@wsj.com

(END) Dow Jones Newswires

June 28, 2019 09:43 ET (13:43 GMT)

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