(June 26): Casino operator Genting Malaysia will use some 21st Century Fox Inc intellectual property for a theme park near Kuala Lumpur after resolving a dispute that had helped trigger a record drop in the gambling company’s shares. The stock gained Friday, climbing to an eight-month high.
Under a settlement between Genting Malaysia, Fox and Walt Disney Co, the planned Fox World park will be re-named and will use both Fox and non-Fox intellectual property, the Kuala Lumpur-based company said in a statement late Thursday. The parties agreed to dismiss all claims and counterclaims in pending legal action in a US District Court.
The deal follows months of uncertainty over the park after Genting sued Disney and Fox, seeking damages as the US companies withdrew from an agreement to sponsor the Fox World park. News of the Fox pullout helped send Genting shares to their biggest annual plunge on record and prompted the Malaysian casino group to seek more than US$1 billion ($1.4 billion) in damages.
