Rus News Journal

The Saudi prince rescues Euro Disney

First aid the Saudi prince Al - Valid Bin Talal, one of the most active investors of Middle East comes from the East

, has come to the rescue of perishing company Euro Disney. On the eve of its compelled and urgent financial re-structuring he has declared that will buy 24,5 % of actions Euro Disney of new issue. Besides, the prince is going to enclose $100 million in building of the second a conference - the centre in park EuroDisneyland near Paris. These decisions have been accepted by the prince after polutoramesjachnyh negotiations with companies Euro Disney and parent Walt Disney.

37 - the summer prince, the nephew of king Fahda, has appeared for the first time on the international investment arena in 1991, having bought 14,88 % of actions of American bank group Citicorp. The finance concerns sphere of its interests, mass media, building. Recently it has acted in the union with the French hotel firm Accor, trying to buy from Air France a network of hotels Meridien.

the Prince carried on negotiations with Euro Disney together with United Saudi Commercial Bank which chairman of the board it is. He has suggested to buy any quantity of actions of $1 - milliard issue. According to the total decision, he can buy only 24,5 % of actions. Its package will be twice less, than a package of parent company Walt Disney (49 %).
Analysts name the offer of the prince the big simplification for Walt Disney and Euro Disney. Two years ago, at park EuroDisneyland creation very few people could assume that it will be so unprofitable enterprise. The inconvenient entrance to it from Paris was one of obstacles to increase of profitableness of park. And after all the park has initially been calculated on tourists, first of all the American. Developed in Euro Disney the financial situation is really unimportant. Only it is necessary to spend for urgent re-structuring of business of the company not less than $2,5 billion Certainly, there were problems with creditor banks of all project though before the enterprise enjoyed confidence: parent Walt Disney Co. For last year by 16 % has increased the incomes.
now under home nursing of leading creditors Euro Disney - the French banks Banque Nationale de Paris and Banque Indosuez - new issue for the sum 6 mlrd the French francs (hardly more than $1 mlrd) will be carried out. From them on 49 %, and the parent company was going to subscribe for the rest - banks. About 15 days ago at the Parisian stock exchange speculation for the fall of old papers Euro Disney has begun. Analysts have beheld in it a sign of the future well-being of the project, and occurrence of the prince - the investor has proved behaviour of brokers.

CYRIL - ANDREYS, VLADIMIR - MALYUKOV