New Eurotunnel boss warns small shareholders

29th March 2004, Comments 0 comments

PARIS, March 27 (AFP) - The man designated to take over as head of Eurotunnel, the debt-ridden private Channel tunnel operator, Saturday urged shareholders to rally round their management team, warning he would quit if dissident shareholders got their way.

PARIS, March 27 (AFP) - The man designated to take over as head of Eurotunnel, the debt-ridden private Channel tunnel operator, Saturday urged shareholders to rally round their management team, warning he would quit if dissident shareholders got their way.

Speaking on radio, Philippe Bourguignon urged shareholders "to do everything possible in terms of democratic business practice and vote in as large numbers as possible" at the company's general assembly on April 7.

Bourguignon was answering a challenge from a group of shareholders who want to vote out the present management team at the general assembly.

Bourguignon warned he would not be staying with Eurotunnel if the dissidents won out. "It will have been brief, but it will be over," he told France's Europe 1 radio station.

Bourguignon is former head of the leisure group Club Med. Eurotunnel announced last Wednesday he would be appointed chairman of its joint board, replacing chief Charles Mackay who is due to retire on October 29.

Subject to his election as a director of the board at the April 7 meeting, Bourguignon will initially be appointed chairman of the board of Eurotunnel, the French company of the bi-national group, and vice-chairman of the Eurotunnel joint board, the company said in a statement.

The dissident shareholders are led by Jacques Maillot, former head of French tour operator Nouvelles Frontieres.

Bourguignon said if there was any risk of Eurotunnel going bankrupt that possibility was still remote for the time being.

© AFP

                                         Subject: French news

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