Under pressure, the american parent company wants to take 100 % of the share capital of the park of Marne-la-Vallée.
The generic end approach to one of the most disastrous adventures ever signed by Disney, that of its subsidiary, Euro Disney Stock. Under pressure, the group in california announced on Friday 10 February, its intention to launch a public offer to buy the 23 % that he has not yet in Euro Disney, the company that operates the theme park in Marne-la-Vallée, near Paris, and loses millions for years. The Walt Disney Company plans to inject 1.5 billion euros to bail out its French park.
” This is the right solution, the one that demanded for years that the minority shareholders and a part of the members of the board of directors “, ” says one of those who pushed for this decision. the ” The shareholding wanted by Mitterrand and his team in the 1980s did not make sense for an infrastructure of this kind, “, judge a professional.
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Commercially, Disneyland Paris has long been a success. After the initial tumultuous, the company has become one of the first tourist destinations in Europe. But financially, the dream machine has turned into a nightmare.
” An emblematic case of bad governance, “
In twenty-five years, it has been shown that seven-year beneficiaries. In recent times, expectations for improvement have been showered by the attacks and the state of emergency, which plunged the whole of the tourism sector-French. In its last annual accounts, arrested in late September, the company has had to spend a charge of 953 million euros, reflecting the drop in value of the park. Since its opening in April 1992, it came close several times to filing of balance sheet and has had to make four financial restructurings.
what despair the shareholders. In Exchange, the action, Euro Disney has dropped from 77 % in five years. And the minority have started to kick over the traces. the ” The company may be profitable, but the money is long gone in the United States, in the form of royalties, management fees, etc “, comments on Catherine Berjal, the fund’s activist CIAM. Considering Euro Disney as a ” an emblematic case of bad governance and abuse of an american group “,, the fund referred the matter to the justice. An investigating judge was appointed he was a few months ago. CIAM is claiming that Disney reverse nearly 1 billion euros to its subsidiary, in order to compensate samples be regarded as undue for the past ten years.
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Some independent directors are also mounted to the niche, the image of Valérie Bernis, who eventually resigned in January, in disagreement with the management. In their eyes, Disney was against the interest of its subsidiary, by forcing them to invest heavily in the park without having the means. Virginie Calmels, who was presiding over the council, has also resigned, to devote himself to his political activities.
massive Recapitalisation
In 2014, Disney has made a first gesture by injecting funds. The group has also waived for two years to most of the punctures he was doing.
The measures announced on Friday will further. The american company has bought the bulk of the 10 % held in Euro Disney saudi prince Al-Walid, the main minority. She offers to buy their shares at the same price of 2 euros per share, or 67% more than the last. A bonus look rather generous, in order to convince the maximum of small holders and then withdraw Euro Disney rating.
Disney will then be able to manage its own subsidiary as it sees fit, without being in a conflict of interest with perpetual its in the minority. Convinced that the park of the future, the group plans to recapitalize massively. On 26 march, Disneyland Paris will launch a new attraction inspired by Star Wars with the promising name : “The Adventure continues “.
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