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Hedge funds rail as Stork unleashes poison pill

The management of Dutch-listed engineering conglomerate Stork has enraged its hedge fund shareholders by enacting a share issuance provision intended for use only during a hostile takeover.

The company has issued shares to a specially-created vehicle called the Stork Foundation. The share issuance has given the foundation almost 50% of the outstanding shares to hold for up to two years.

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