"[P]ension plans influence corporate finance activity in several ways. First, they are collectively and, in some cases, individually, large and hard-to-ignore investors. Second, benefit economics can sometimes mean the difference between a deal such as a restructuring or merger or acquisition moving forward or getting stalled. The over subscribed Initial Public Offering of the venerable postal system organization known as the Royal Mail Group, Ltd. is a good example of pension plan sway."

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