Australian regulator will scrutinise AccorHotels’ takeover of Mantra Group
The Australian Competition & Consumer Commission will review any possible takeover of Mantra Group by French giant AccorHotels.
Aussie hospitality group Mantra confirmed it is the latest target on AccorHotels’ acquisition trail.
Mantra said a $920 million bid was offered.
In a statement it said: "Mantra has granted Accor access to due diligence to determine if a transaction can be agreed and recommended unanimously by the Mantra board."
"The discussions are incomplete and any entry by the parties into binding transaction documents remains subject to a number of conditions."
Mantra operates hotels in Australasia, Indonesia and Hawaii and if a deal is completed it would bring together the two largest hotel companies operating in Australia, sparking a careful review by the ACCC.
The ACCC would look at the proposal and then ‘determine if a public review was required.’
Together they would have about 300 properties under operation or 11% of the total market, according to IBISWorld statistics, as reported by Reuters.
The French hospitality giant has wrapped up a busy few days after agreeing to buy travel technology firm solutions provider Gekko for $117 million and will take a 50% stake in Orient Express.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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