SNCF in daring Eurotunnel move
SNCF, the French state-run railway, is ready to make an audacious bid to seize Eurotunnel in a move that would end British involvement in the Channel Tunnel Rail Link and possibly spark a rebellion among British shareholders, the Observer reports.
Industry sources said last night that Eurotunnel's creditors, who are owed £6bn, are expected to open talks with SNCF in the next fortnight as part of an attempt to end the company's financial woes and secure its future.
The banks are ready to cut a deal with SNCF because of their lack of confidence in Eurotunnel's new board, which was appointed after the old regime under Richard Shirrefs and Charles Mackay was ousted following a coup orchestrated by convicted fraudster and tip sheet journalist Nicolas Miguet.
It is thought that a key role in the delicate negotiations ahead will be taken by Guillaume Pepy, who is not only head of Eurostar, which runs the rail link to the tunnel from Waterloo, but also the number two at SNCF.
The French railway already owns a significant shareholding in Eurostar.
