Eurotunnel: Tunnel vision

Man is a curious animal, the US politician Adlai Stevenson once remarked. He never sees the writing on the wall unless his back against it. When Eurotunnel’s rebel shareholders voted out the old board a year ago – for what they characterised as «appeasement» of creditors – Eurotunnel’s share price was 35p. Now it is less than half that, and still falling. Old management at least had some ideas on how to stave off bankruptcy. It planned to use equity to acquire the Paris and London high-speed tr...