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BLMC sells its Fodens, Seddons shares

24th September 1971, Page 33
24th September 1971
Page 33
Page 33, 24th September 1971 — BLMC sells its Fodens, Seddons shares
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• Last week British Leyland announced that it had sold, for £2.5m, its shareholdings in Fodens and Seddon Diesel—"in line with group policy of concentrating resources on our own automotive products".

BLMC's Fodens shares equalled 28 per cent of the equity.

Holdings in Seddon Diesel resulted from the Seddon bid for Atkinson Lorries earlier in the year. BLMC had a 19.8 per cent holding in Atkinson and, as a consequence of the bid, which Seddon won in competition with both Fodens and ERF Holdings, the Corporation found itself with 4.7 per cent of Seddon equity and 19.8 per cent of the convertible loan stock issued in respect of the acquisition. All BLMC holdings in both classes of stock have now been sold.