What is going on at Eurotunnel?
Rebel shareholders of the beleaguered Channel tunnel operator are about to vote out company’s board. It will be the first time in French corporate history that small investors have managed to oust the management of a major company. Who are the rebels? They are led by Nicolas Miguet, who once ran as an anti-taxation presidential candidate for the Elysee Palace. Mr Miguet – a rightwing politician – and a shareholder group, Adacte, want to replace the company’s management with their own team. The shareholder rebellion is the culmination of years of frustration for investors in the historic, but troubled, Channel tunnel project. What has gone wrong at Eurotunnel? Eurotunnel’s share price has plummeted by 90% since 1987, when the world’s biggest privately-funded infrastructure project began. The company currently has debts of £6.4bn, and last year made record losses of £1.3bn. The company has reached crisis point because it is not making enough money to repay the interest on its debt. Why i
