Wassall sells BICC stake after failed bids

BICC appeared to have escaped the clutches of industrial conglomerate turned venture-capital group Wassall, after it sold its 9% stake in the group. Analysts believe Wassall, which tabled three unsuccessful bids for BICC this summer, made a £10m profit on the 39 million shares it held, selling them for 112p each after buying them at […]

BICC appeared to have escaped the clutches of industrial conglomerate turned venture-capital group Wassall, after it sold its 9% stake in the group.

Analysts believe Wassall, which tabled three unsuccessful bids for BICC this summer, made a £10m profit on the 39 million shares it held, selling them for 112p each after buying them at 86p last year.

BICC, which sold its cable businesses last year, is now mainly focused on construction thorough its Balfour Beatty subsidiary.

Wassall is believed to have identified another takeover target but analysts were divided as to the likely company.