Legal action taken by Eurotunnel shareholders

A group of Eurotunnel shareholders launched legal action today to force a change in management at the firm that runs the rail tunnel between Britain and France.

The challenge was mounted in Paris by French shareholder association Adacte and publishing entrepreneur Nicolas Miguet, a minority shareholder who recently joined the campaign to sack Chief Executive Richard Shirrefs.

The shareholders asked a Paris commercial court to order Eurotunnel to hold an extraordinary general meeting to vote on their motion to oust Shirrefs and his 17-member administrative board.

A Eurotunnel spokesman, Mady Chabrier, declined to comment, saying it had not yet received the summons.

Adacte and the small shareholders it represents have pushed for years for changes at Eurotunnel, accusing management of mishandling company strategy and plunging it into debt.

They claim the backing of investors representing about one fifth of Eurotunnel’s capital, and are trying to convince others to support their move to replace Shirrefs with their own choice of chief executive.

Jacques Maillot, the founder and former boss of French travel agency Nouvelles Frontieres, is in talks with the shareholders over his possible candidacy.

But Eurotunnel hit back earlier this month, launching its own legal complaint against its disgruntled shareholders over alleged share price manipulation.

Last year, 16.2 million people crossed through the tunnel on high-speed Eurostar trains and shuttles that also carry vehicles, according to Eurotunnel figures.