LTNman, I hope the news is as we expect it to be? More new stands may well be needed!
LONDON, July 21 (Reuters) - French construction and management firm Vinci SGEF.PA sold its remaining 10.1 percent stake in British airports company TBI TBI.L for more than 36 million pounds ($66.3 million), dealers said on Wednesday.
Brokerage Evolution Beeson Gregory sold 56.5 million TBI shares at 64 1/2 pence to institutions and others, dealers said, adding that some had been bought by investment firms Laxey Partners and J.O. Hambro.
Vinci no longer has a stake in TBI, dealers said. The French firm was not immediately available to comment. TBI was also unavailable for comment.
Shares in TBI -- the owner of Luton airport, north of London -- were up 4.7 percent at 66-1/4 pence by 1344 GMT on heavy trading volume of 122 million shares. Dealers said the shares were lifted after Vinci\'s remaining stake was sold, as the expectation of a sale had been hanging over the shares for some time.
"There\'s been a lot of speculation in recent weeks that Vinci would sell the rest, so now there\'s going to be quite a lot of interest in the stock," said one trader.
Vinci pulled out of a takeover bid for TBI in September 2001 after the attacks that month in the United States plunged the aviation industry worldwide into a recession.
