Compagnie des Alpes pulls out of Verbier
On Monday 27th July the stock market announced that Compagnie des Alpes had sold all its shares in Televerbier (the Verbier lift company) to the local commune Bagnes, meaning the commune (one of the richest in Switzerland) is now the majority shareholder in the Verbier ski resort with a total share of 25,66%.
Using its Swiss subsidiary SwissAlp SA, Compagnie des Alpes bought into Televerbier back in 1999. By January 2000 the company held more than 20% of the shares, making it the majority shareholder in resort.
Compagnie des Alpes is no stranger to ski resorts, operating 12 alone in France including La Plagne, Meribel, the Grand Massif, Chamonix, Tignes and Serre Chevalier, as well as Courmayeur in Italy and Saas Fee in Switzerland.
President of the Bagnes commune Christophe Dumoulin confirmed that he and a colleague travelled to Paris on Friday last week. An agreement was reached Saturday and the trading in Televerbier shares was suspended on Monday prior to the announcement being made. At close of trading Friday, shares were at 47€, which would imply Bagnes has paid around 13.8million euros for the 20,3% share Compagnie des Alpes held, but this has not been confirmed.
The general consensus amongst businesses and interested parties in the four valleys area is positive. Many cite the agressive way Compagnie des Alpes bought in to Televerbier back in 1999 expecting to be able to move into a position of controlling the whole Four Valleys ski area, much to the disdain of the president of Telenendaz, the main partner in the Four Valleys with Televerbier.
Whether the reason for the quick sale was to consolidate debt or a change of strategy concerning the Four Valleys, either way the net result is that the resort of Verbier is now in the hands of the commune and we await developments for this winter.
One immediate question is regarding reciprocal skiing agreements, that's to say for example, those with Mont Blanc Unlimited ski passes in the Chamonix valley had the right to ski in Verbier as well for free with their pass. Will this continue for this winter we ask ourselves? We doubt it!
Source : La nouvelliste, Le Boursier
