Holzmann sells Tilbury stake

German construction giant Philipp Holzmann is selling its 29 per cent stake in Tilbury Douglas and hopes to raise around œ60-70 million.

Tilbury Douglas has welcomed the move saying it would improve the marketability of its previous illiquid stock. Shares fell 12.5p to 750p on the announcement of the sale.

Holzmann announced the sale at the end of last week as part of what it called "a strategic review" of its portfolio. Holzmann went heavily into the red in 1995. It has since managed to break even and expects to move back into profit by 1998.

Holzmann's holding in Tilbury Douglas dates back to an initial 14 per cent stake acquired in June 1990, following an abortive œ137 million takeover bid by Lilley.