Accor sells off Club Med shares
Accor has sold a 4% stake in holiday group Club Med to
French bank Credit Agricole.
It said it has sold the 1,063,830 shares for €10 million, as part of its refocusing strategy.
The French hotel group has retained 98,800 Club Med shares, which will later be sold on the open market.
According to reports in the financial press, there has been renewed interest in Club Med recently after French entrepreneur Bernard Tapie announced last month that he was considering buying a stake in the group.
Club Med, which operates 80 holiday villages worldwide, launched a €102 million capital increase after reporting a loss in the first five months of its financial year.
By Bev Fearis
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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