Accor sells most of its Club Med stake
French hotel operator Accor has sold 16 per cent of its 28.9 per cent stake in Club Méditerranée for 44.9 euro (£31, US$55) per share.
The move is part of a plan to reduce its stake in Club Med to 6 per cent.
Gilles Pélisson, director and CEO of Accor, said: “This disposal is another step towards the refocusing of our two core businesses: hotels and services.”
It has been reported that AirFrance-KLM, Moroccan bank Caisse de Depot et de Gestion du Maroc and an unnamed European property company bought the shares.
All the companies involved, including Accor, may not sell any further Club Med shares for another two years. Details: www.accor.com
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