After Vail takeover: Mountain railroads president of Crans-Montana VS leaves
Published: Wednesday, Jan 3rd 2024, 20:00
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With the takeover of the ski resort of Crans-Montana VS by the US company Vail Resorts, the previous president of the mountain railroads is stepping down. Philippe Magistretti will hand over the chairmanship of Crans Montana Aminona (CMA) at the Annual General Meeting on January 19.
"It's the end of a cycle. I no longer believe that I have any place in it, but I am leaving with the satisfaction of a duty well done," Philippe Magistretti told the French-speaking Swiss broadcaster RTS on Wednesday, confirming a report by regional television station Canal9. Magistretti has been in office for twelve years. The entire Board of Directors is stepping down with him.
The aim of the upcoming extraordinary meeting of the cable car company CMA is to ratify the sale to the US group, which is expected to take place in the first half of this year. In particular, it will also involve amending the articles of association.
The meeting is to elect Michael Goar, Head of Vail Resorts in Switzerland, as the new President. This can be seen from the agenda published in the latest Official Gazette of the Canton of Valais.
While the sale has yet to be finalized, many details and questions remain unanswered, wrote the Vail Resorts Group, the world's number one in winter tourism. It acquired 84 percent of the shares in the CMA company on November 30. The takeover met with a positive response from the canton and the municipalities.
The year before, Vail Resorts had already taken over the management of the Andermatt-Sedrun destination. The American winter sports giant paid 149 million Swiss francs to purchase a 55% stake in the Andermatt Swiss Alps (ASA) subsidiary, which is owned by Egyptian businessman Samih Sawiris.
Experience with Vail Resorts in this region has been good so far, said a spokesperson for Andermatt Swiss Alps. The company brings a lot of expertise to the table and invests in the offer for guests and the further development of the destination. It also respects "the local conditions".
©Keystone/SDA
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