The Walt Disney Company announced Tuesday that it had purchased more than 97 percent of the shares of Euro Disney SCA and will delist the company.
Euro Disney owned the Disneyland Paris Resort, but recent financial struggles at the theme park and the 2015 terrorist attacks in Paris have hurt business.
During February, the Walt Disney Company bought a nine percent stake from Saudi Prince Alwaleed Bin Talal’s Kingdom Holding Co. for two Euros a share in stock, according to Bloomberg.com. French stock market regulations allow Disney to force a mandatory buyout of the remaining shares it doesn’t own and will be allowed to delist the company on June 19. The remaining stock will be bought out for two Euros a share.
Disneyland Paris has struggled at times throughout its 25 years in existence, with the property being forced to consolidate debt into a loan from its parent company in 2012 and a pledge from Euro Disney during 2014 to dump at least one billion Euros over 10 years into the facility to add new rides and attractions.
Following the purchase of Alwaleed Bin Talal’s shares in February, officials from the Walt Disney Company said they would support the revitalization of the theme park for as much as 1.5 billion Euros.
When Disney completes the buyout, Disneyland Paris will be the first theme park the company completely owns outside the United States.
Disney opened the $5.5 billion Disney Shanghai Resort last year, but it is jointly owned by the local government. The same can be said for Hong Kong Disneyland, while the Tokyo Disney Resort is completely owned by the Oriental Land Co. and operated under license from Disney.
-From Travel Pulse News, June 14, 2017 by Donald Wood
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