Magazine article Screen International

China’s Fundamental Films Takes Stake in EuropaCorp

Magazine article Screen International

China’s Fundamental Films Takes Stake in EuropaCorp

Article excerpt

Shanghai-based production and distribution company Fundamental Films is set to take a 27.9% stake in Luc Besson's mini-major EuropaCorp.

The Paris-based company announced on Thursday that its board had approved the creation of 11,4208,572 shares, representing a $67m (euro60m) capital increase, which would be reserved for FF Motion Invest, a subsidiary of Fundamental Films.

Under the deal, FF Motion Invest will pay $5.90 (euro5.25) per share, nearly 40% more than its recent average market value.

If approved as expected at an exceptional AGM due to take place by the end of 2016, FF Motion Invest will become EuropaCorp's second biggest shareholder after Besson.

The filmmaker and producer currently owns a 43.8% stake through his Front Line holding company. This will fall to 31.6% if the FF Motion Invest deal is sealed.

"This capital increase is going to improve EuropaCorp's ability to produce and distribute English-language films and series worldwide," said Besson in a statement. …

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