A Paris hedge fund, CIAM, has accused Disney of trying to force out minority Euro Disney shareholders.
The news follows the recent announcement that Disney has bought out 9 per cent of Saudi Prince Alwaleed Bin Talal’s Kingdom Holdings share in Euro Disney and has made an offer to the remaining minority shareholders.
CIAM owns 1.4 percent of Euro Disney shares, the company that owns and operates Disneyland Paris.
According to Reuters, it has written a letter objecting to Disney’s plans to gain full control of Euro Disney.
Disneyland Paris has failed to realise projected attendance figures since opening in 1992. Visitor numbers plummeted further, as they did across France, after the Paris terrorist attacks in 2015. Euro Disney reported a net loss of €858 million in 2016.
Disney has defended the move to take control of the debt-laden company. It says it has developed ‘a long-term solution that takes into account all stakeholders’.
Image courtesy Disney