British private investment group Candover has made a €1.5bn offer for Dutch engineering group Stork. The bid is supported by Stork managment and the supervisory board, as well as major shareholders Centaurus and Paulson.
The two hedge funds, which control around one-third of Stork shares, began a high-profile campaign last year to split up Stork.
Candover will take over Stork in its entirety and maintain its current three-pronged approach: aerospace, food systems and technical services.
Chairman Sjoerd Vollebregt said the takeover would close a ‘turbulent’ chapter in the company’s history and allow the company to focus on expansion.
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