Euro Disney could be hostile bid target for Swiss group – report
Euro Disney SCA could soon be the target of a hostile takeover bid from Center-Tainment, a Swiss leisure group, according to a report in French daily Le Monde.
The report is based on an e-mail received from Center-Tainment, apparently in error, which says the bid will be launched tomorrow. Journalists are to be invited to a press conference in a Paris hotel, which has confirmed having received a reservation for a conference room.
Euro Disney investors would be offered Center-Tainment shares, which are listed on the Frankfurt stock market. They were last trading at 13 eur, down 27.8 pct from yesterday's close.
Le Monde said that Euro Disney officials have not been contacted by Center-Tainment, but acknowledged that it is aware of the e-mail.
Parent company Walt Disney owns a 39.8 pct stake in the company, which operates the Disneyland Europe theme park near Paris. Prince Alwaleed bin Talal of Saudi Arabia owns a 10 pct stake.
The company posted a net loss of 73.1 mln eur in the full year to Sept 2006, on sales of 1.088 bln.
Euro Disney shares were last trading down 0.01 eur at 0.06 eur in Paris.