The collapse in British conglomerate BTR's share price last week after its fifth profits warning in the space of two years will yet again focus attention on the group's 21.7 per cent stake in glass bottler Ardagh. How much longer will battle-scarred BTR hold on to an investment that is far removed from the British group's new status as an engineering company? The FTSE actuaries have reclassified BTR as an engineer from the beginning of next year.

With the spectre of Sean Quinn's £55 million glass plant in Fermanagh looming, Ardagh has finally taken the decision to spend some money to confront the Quinn competition. BTR, it seems, supported the decision to invest the £25 million but some in the market believe that the British conglomerate is simply putting Ardagh into a better shape before selling its minority stake into the market. At the current 120p, BTR could raise about £8 million from a sale of its stake. That might be a drop in the ocean given BTR's problems but every little helps.