Accor reduces holding in Club Med

Thursday, 12 Jun, 2006 0

French hotel group Accor has sold most of its shareholding in resort operator Club Med for £96 million.

Accor has reduced its ownership from 28.9% to 12.9% and is to offload a further 6.9% to leave it with a 6% holding. Air France-KLM were among the purchasers of the shares. 

The move came as Club Med reported a return to the black for the winter half-year to April 30 with a net profit of euros 1 million against a loss of euros 25 million a year earlier.

Accor chief executive Gilles Pelisson said: “After the divestment of the shares in Compass and our stake in Carlson Wagonlit Travel, this disposal is another step to the refocusing on our two core business – hotels and services.”

Accor and Club Med have signed a three-year renewable purchasing and and marketing agreement. 

Report by Phil Davies



 

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Phil Davies



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