(Adds hedge fund comment, updates shares)
AMSTERDAM Jan 26 A Dutch court named former
Dutch Prime Minister Wim Kok as one of three new members of the
supervisory board of industrial group Stork VMFN.AS, which
faces a break-up attempt from hedge funds Centaurus and Paulson.
The Amsterdam commercial court on Friday also named former
Philips Chief Financial Officer Dudley Eustace and former Akzo
Nobel Chief Executive Kees van Lede as new supervisory board
The court tried last week to impose a truce on Stork and the
hedge funds, blocking a shareholder vote to dismiss the
supervisory board but also suspending Stork's poison pill.
The new supervisory board members will have a deciding voice
in matters relating to strategy, and analysts say they should
seek to get Stork and the hedge funds back on speaking terms to
find a solution that satisfies both sides.
"We look forward to engaging in a constructive dialogue with
the new independent members, the current management and other
stakeholders in order to achieve agreement around a future
strategy for Stork," Centaurus and Paulson said in a statement.
Stork was not immediately available for comment.
The hedge funds want Stork to focus on aerospace and shed
its other divisions, arguing it is too small to compete for
contracts from aircraft manufacturers such as Airbus EAD.PA
and Boeing (BA.N), which want to reduce the number of suppliers.
Stork says the other divisions -- food-production systems
and technical installation management -- contribute to a solid
financing of the aerospace business, which is crucial because
aircraft programmes often run for around 30 years and only break
even after a decade, which leads to fluctuating cash flows.
Stork shares were down 0.8 percent at 39.77 euros by 1001
GMT, broadly in line with Amsterdam's mid-cap AMX index .AMX
which fell 0.6 percent.