Siebe court ruling

Thursday 11 June 1998 23:02 BST

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SIEBE, THE engineering company, yesterday said a Tokyo District Court had temporarily restrained the Japanese firm Nemic Lambda KK from reducing the UK company's stake in it.

Nemic-Lambda, a maker of switching regulators, is 50.6 per cent owned by Siebe Group and it said on 29 May it would allot 6.5 million shares to a third party.

The allocation would have reduced Siebe's stake in Nemic-Lambda to 38.4 per cent. A Siebe spokesman said the company was delighted and was now hoping that the court's decision would end its dispute with Nemic-Lambda.

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