Macquarie Bank couldn’t get its Patrick
plans up and its London Stock Exchange tilt failed, but it next big bid is
moving closer to completion – a controlling interest in the Chunnel.

Macquarie and partner Goldman Sachs appear to be in the driving seat of a
restructuring of Eurotunnel that will refinance its debt, take out the main
existing creditors and give the pair control.

It has been a developing story over the
past week with the latest instalment being a 7% surge by Eurotunnel
units on a report that Macquarie/Goldies has asked French construction company
Vinci to take a stake in their consortium. Eurotunnel is up 15% since
Tuesday night.

The Financial Times has speculated Macquarie/Goldies are underwriting the conversion of nearly
four billion quids’ worth of co-financier debt into debt-equity hybrids as part
of the restructuring of the Chunnel’s 6.18 billion pound debt – let’s call it
A$15.16 billion.

You can buy a lot of infrastructure for $15
billion, let alone a hole between England
and France.

Peter Fray

Save up to 50% on a year of Crikey.

This extraordinary year is almost at an end. But we know that time waits for no one, and we won’t either. This is the time to get on board with Crikey.

For a limited time only, choose what you pay for a year of Crikey.

Save up to 50% or dig deeper so we can dig deeper.

See you in 2021.

Peter Fray
Editor-in-chief of Crikey

SAVE 50%