Toyota wins investor vote on controversial new shares

TOKYO: Toyota won approval on Tuesday for a controversial new share sale that it defended as a way to lure stable, long-term investors, overcoming stiff opposition from some institutional shareholders overseas.

The world’s biggest automaker said 75 percent of shareholders voted in favor of the plan that would see it sell up to 50 million of the new shares, which must be held for five years and will not be publicly traded.