SHAREHOLDERS of the Germany china company Rosenthal have overwhelmingly approved the proposal to allow Waterford Wedgwood take a 9.1 per cent in the company at a cost of around £3 million. Shareholders also approved the proposal to remove the 5 per cent voting rights restriction.

After an extraordinary general meeting yesterday, Rostenthal's chief executive, Mr Ottmar Kuesel, said: "The current steps for restructuring will be complemented by Waterford Wedgwood's expertise, thereby speeding up the process. This ideal partnership opens up the possibility of substantial international global progress for both parties in this industry sector."

Mr Kusel stressed that Waterford Wedgwood did not plan a takeover. "To make it absolutely clear, Waterford Wedgwood is not seeking a majority stake in Rosenthal."