Rowland to sell shares for pounds 50m

Click to follow
AN ERA appeared to be passing as Roland 'Tiny' Rowland announced he was selling more than 43 million shares in Lonrho, the company he built up, for pounds 50m to a German businessman.

The sale will cut Mr Rowland's company holding by nearly half. Dieter Bock, 53, has an option over the bulk of Mr Rowland's shareholding which he can buy later. The move will prompt speculation that Mr Rowland, 75, is preparing for retirement.

Until yesterday's developments his holding stood at about 14 per cent but in a range of financial moves Mr Bock could eventually own up to 25 per cent in Lonrho. 'Believe me, it is only my age which occasions this,' Mr Rowland, told shareholders in a


Lonrho has interests in mining, hotels and general trading, and owns the Observer newspaper. Profits have fallen in the past financial year from pounds 205m to pounds 79m.

Shareholders' row, page 26

View from City Road, page 29