Candover withdraws offer on Stork
Candover Investments PLC, a British investment company, has withdrawn their €1.5 billion ($2.1 billion) public offer for Dutch industrial engineering firm Stork NV in the face of opposition from another major shareholder.
Candover didn’t succeed in gathering enough shares to create a complete take-over. Iceland’s meat processing company has built a 43% stake in the company, with the aim of acquiring its meat processing activities.
Candover’s offer was conditional on receiving 80% percent of shares – an impossibility with Iceland’s blocking the €47 ($65.19) per share bid.
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