LONDON (AFX) - The UK government is facing calls from lawmakers on left and right to safeguard British influence over the Channel Tunnel, according to a report.
Senior British politicians have described a plan by Eurotunnel PLC/Eurotunnel SA to ditch its dual nationality corporate structure in favour of setting up a French holding company and UK subsidiary to be 'a step too far', the Guardian reported.
The British government could block the plan if it is judged to be a breach of the company's 99-year concession to run the tunnel, the newspaper said.
Eurotunnel has proposed the changes as part of a financial restructuring that would cut the group's debt by 3.3 bln stg to 2.9 bln stg or 4.2 bln eur. philip.waller@afxnews.com paw/ak COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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