The invention relates to a control valve (1) for maneuvering a hydraulic consumer, (11) such as a single acting telescopic cylinder, the valve including a valve housing (2) with an inlet port (12) connected to a pump for delivering a hydraulic flow, a motor port (14) to which said consumer (11) is connected, an outlet port (13) connected to a tank and a maneuverable slide (3) with a first and a second end (3a, 3b), respectively, which is provided with port tracks (7,20,21) and which is arranged in the valve housing, wherein the slide can control the hydraulic flow between the inlet port and the consumer and between the consumer and the tank, the valve housing including a first flow path (I) over first end of the slide and a second flow path (II) over the second end of the slide, and wherein the return flow from the consumer to the tank through the valve housing may be conveyed via said flow paths. In order to provide improved control performance the control valve includes a regulating device (30) that is connected to the slide (3) and from a position with maximal velocity upon lowering of a load where the return flow from the consumer (11) is conveyed via said both flow paths (I, II) over the first end (3a) and second end (3b) of the slide, is arranged to provide a limited lowering velocity through adjustment of the slide in the axial direction and conveying of the flow over the first flow path (I) on the first end (3a) of the slide only.