Following the announcement on Friday that The Walt Disney Company (Disney) intends to purchase 90% of HRH Prince Alwaleed’s stake in Euro Disney S.C.A. from the Kingdom Holding Company, today we take a look at the other corporate investors who own shares in Disneyland Paris.
If you missed Fridays announcement here is a short summary:
Disney is going to purchase 90% of HRH Prince Alwaleed’s stake in the resort which will occur through an off-market block trade and is scheduled to close on 15 February 2017. This move will increase Disney’s stake in Disneyland Paris from 76.7% to 85.7%.
The Kingdom Holding Company has said the net profit gained from this transaction will be $61 million.
Disney then propose to launch a voluntary cash tender offer for all the remaining shares in Euro Disney at €2 a share – once the proposed offer has been subjected to review and clearance by the Autorité des Marchés Financiers (AMF).
Following the voluntary cash tender offer if Disney then own at least 95% of Euro Disney they will then proceed with a mandatory buy out and delisting of Euro Disney shares from the Euronext Paris stock exchange.
Disney has also informed Euro Disney that it is committed to support a further recapitalization of up to €1.5 billion to the Euro Disney group of companies to enable them to continue the implementation of improvements to the resort, reduce debt and increase liquidity for the ongoing s long-term success of Disneyland Paris.
So who does own the 783,364,900 shares that make up Euro Disney S.C.A. ?
The largest shareholder is The Walt Disney Company who own 600,922,335 shares or 76.7% of Euro Disney via three of their subsidiaries companies EDL Holding Company, EDI SAS and EDLC SAS.
The Walt Disney Company 600,922,335 76.71% via EDL Holding Company 249,897,755 31.90% EDI SAS 196,800,000 25.12% EDLC SAS 196,800,000 25.12%
Euro Disney themselves own 0.075% of the company with a holding of 584,476 shares.
Euro Disney S.C.A. 584,466 0.075% EDL Participations SAS 10
HRH Prince Alwaleed owns a 10% stake in Disneyland Paris via his Kingdom Holding Company. Prince Alwaleed has taken part in a number of recapitalisations of the resort since 1994. Disney through its wholly-owned subsidiary EDL Holding Company LLC has agreed to buy Kingdom’s 9% percent stake in Euro Disney for €2 a share, to be paid in The Walt Disney Company common stock.
Kingdom Holding Co 78,336,508 10.00% (HRH Prince Alwaleed)
The remaining corporate investors are a mixture of asset management companies, investment management companies and pension funds. It is expected that these investors will partake in the voluntary cash tender offer if it is approved by the AMF.
AIMCO 34,201,000 4.37% Ledbury Capital Partners LP 8,109,570 1.03% Financière de l'Echiquier 7,400,000 0.95% AZ Valor Asset Management 3,556,219 0.45% OFI Asset Management SA 2,470,000 0.31% Vanguard Group 404,533 0.05% Caixabank Asset Management / Alboran Asset Management SICAV 160,199 0.020% Vanguard Australia 100,136 0.010% Metropolitan Series - Metlife 79,170 0.010% Bestinver Gestion SA / Divalsa de Inversiones SICAV 61,623 0.010% Charles Schwab Internation 63,853 0.010% Nextam Partners Ltd 58,871 0.010% Talence Gestion SAS 48,119 0.011% UBS Global Asset Management (UK) Ltd 12,318 0.0015% Northen Trust Investments Inc 11,550 0.0014% Helium Fund - Performance 10,000 SEI Investments Management Corp 7,852 Legal & General Collective Investment Trust Fund 3,496 La Mondiale (Investment Portfolio) 875 Wisdom Tree Europe Local Recovery/Mellon 184 Morphic Asset Management Pty Limited 60 Reilly Financial Advisor LLC 68 BlackRock Advisors UK Limited 47
The remaining 5.5% of shareholders of Euro Disney are individual private investors. These days the majority of them are Disneyland Paris fans who purchased shares to own a small part of the Magic and to take advantage of the perks the Euro Disney Shareholders Club offers to their members.
The above list of Euro Disney S.C.A. corporate shareholders was compiled by APPAED (Association des Petits Porteurs d’Actions EuroDisney) using data from the Euro Disney SCA reference document, Wall Street Journal, Barron’s, Morning Star, Financial Times (FT Market), & Zone bourse et AM.
This list was published on 7 February 2017.