Ums noch etwas präziser zu machen, besitzt mittlerweile die Walt Disney Company wieder 86% der Euro Disney Anteile und versucht auch die restlichen 14% wieder zu bekommen. Hauptschritt für die sukzessive Rückgewinnung der Anteile war der Ankauf der Anteile vom Saudischen Mehrheitsaktionär Prince Al-Waleed Bin-Talal.
Hier noch die passende Moodys Meldung vom Februar:
New York, February 10, 2017 -- Moody's Investors Service ("Moody's") said that The Walt Disney Company's (Disney -- A2 stable) agreement to acquire 90% of Kingdom Holding Company's ownership stake of Euro Disney SCA (Euro Disney) (9% of total outstanding shares) and tender for the rest of Euro Disney's public shares is credit positive. The agreement to acquire the shares from Kingdom Holding Company, an investment company owned by Prince Al-Waleed Bin Talal, for approximately 145 million EUR ($155 million USD) will be paid using treasury stock, and bring Disney's ownership in Euro Disney to approximately 86%. Additionally, Disney plans to extend an offer to purchase, at the same share price as agreed with Kingdom Holding Company, 2 EUR per share (a 67% premium to February 9 closing price), the remaining 14% of non-Disney owned Euro Disney stock valued about 225 million EUR ($240 million USD) in cash. If successful in the tender, Disney plans to invest approximately 1.5 billion EUR of equity in Euro Disney, which we expect will principally be used to repay intercompany debt between the two entities. Moody's views this transaction as credit positive as Disney will gain full control of Euro Disney, clean up its capital structure, and help alleviate the cash flow profile of the company by removing most if not all the debt at Euro Disney for about $240 million of net cash that otherwise would likely be used to repurchase shares.
Euro Disney's free cash flow has come under pressure over the last five years, with the last annual period of positive free cash flow occurring in FY 2011. In the five years preceding FY 2011, Euro Disney was a consistent free cash flow producer. We expect under Disney's full control, Euro Disney will receive sufficient investment, expertise and influence directly from Disney rather than the existing independent board of Directors. We believe that this best sets the stage for Disney to improve current operating fundamentals with the goal of performing on par with that of other Disney extremely strong brands and resorts around the world.
The Walt Disney Company ("Disney"), with its headquarters in Burbank, California, is a diversified worldwide media and entertainment company operating under four main business segments (as a percentage of FY2016 revenues): Media Networks (43%), Parks and Resorts (31%), Studio Entertainment (17%), Consumer Products and interactive (10%). Consolidated revenues for FY2016 were $55.6 billion.