Eurotunnel in crisis talks
Shareholders in Eurotunnel are gathering in Calais today for what is likely to be a stormy annual general meeting.
Chairman Jacques Gounon is facing an attempt by former chief executive Jean-Louis Raymond to seize control of the company, which operates the Channel Tunnel rail link.
Mr Raymond resigned from his post a week ago following disagreements with Mr Gounon on how to deal with the company’s £6.6 billion debt.
Shareholder activist Nicolas Miguet, who orchestrated the replacement of the entire board at last year’s annual meeting, is backing Mr Raymond’s challenge.
Eurotunnel made a £570 million net loss last year as it continues to face strong price competition from no-frills airlines and ferries.
