Shareholders of the ailing German construction group Philipp Holzmann yesterday approved an extensive capital restructuring as part of a multi-billion euro rescue package agreed last month between the company and its creditor banks. Under the terms of the restructure, Holzmann's share capital will be severely reduced, from a nominal €148.4 million (£189 million) to €5.7 million euros, then raised again to a nominal €13.3 million. Exactly 99.7 per cent of shareholders present at the extraordinary general meeting approved the measures. Management needed the approval of 75 per cent of those present, but there had been little doubt that they would attain that. Only about 500 shareholders had turned up for the meeting, representing just 54.24 per cent of Holzmann's share capital. The two biggest shareholders, the Belgian group Gevaert and Deutsche Bank, hold about 45 per cent between them.