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Tecnicas chairman to sell 7 percent stake

Mon Nov 16, 2009 12:12pm EST

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MADRID, Nov 16 (Reuters) - The chairman of Tecnicas Reunidas (TRE.MC) has begun the sale of a 7 percent stake in the Spanish engineer, part of his holding held via an investment vehicle.

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Merrill Lynch is in charge of placing the shares of Jose Llado Fernandez-Urrutia with qualified investors, the company said in a statement on Monday.

"The operation follows the decision of Llado to diversify his investments without compromising his control of Tecnicas Reunidas," it said. (Reporting by Sarah Morris; Editing by Dan Lalor)

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