Hedge funds Centaurus Capital and Paulson & Co are blocking a revised offer for Dutch industrial group Stork NV, a Dutch newspaper reported on Saturday.
Private equity firm Candover presented a new deal after Icelandic investment group LME blocked its 1.5 billion euro ($2.21 billion) bid, but hedge funds want a higher price, Dutch paper Het Financieele Dagblad said citing industry sources.
The new deal would include the sale of Storks Food Systems unit to Iceland's food processing equipment firm Marel Food Systems, the paper said. Stork, Candover and the hedge funds declined to comment.
Sources close to the negotiations told Reuters talks about a revised deal were ongoing. "The fact that Stork, Candover and Marel are still working on a deal is a good sign," one source, who requested anonymity said. Candover withdrew its 1.5 billion euro offer for the group in September after its largest single shareholder, LME, declined to sell its shares.
Icelandic investment group LME, made up of Icelandic food processing equipment firm Marel Food Systems, bank Landsbanki Islands and Eyrir Invest, had built up a stake of more than 43 percent in Stork by then. Stork is a supplier of components to Airbus and Boeing also makes food-mixing gear and provides technical services. Centaurus and Paulson supported the 1.5 billion euros bid by Candover and even said they would request the Dutch enterprise chamber to end an inquiry on management's handling of the business.
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