Hedge funds Centaurus and Paulson are to take legal action against industrial conglomerate Stork after the Dutch firm increased its anti-takeover defences, the Financieele Dagblad reports.

The two hedge funds, which own 30% of Stork, are angry that Stork issued new cumpref shares, giving a 50% say in the company to the Stork Foundation. The hedge funds say cumprefs are only issued to prevent a takeover, while they simply want Stork to focus on aerospace activities.