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Accor Sells Club Mediterranee SharesJune 11, 2009 By: Jena Tesse Fox
As part of its refocusing strategy, Accor today sold 1,063,830 Club Mediterranee shares, corresponding to around a 4 percent interest in the company's capital, to Group Credit Agricole SA for approximately $13.22 a share, representing a total amount of $14.07 million.
The transaction was carried out in cooperation with Club Mediterranee management.
Accor retains 98,800 Club Mediterranee shares, which will later be sold on the open market.
Accor operates the Sofitel, Pullman, MGallery, Novotel, Mercure, Suitehotel, Ibis, all seasons, Etap Hotel, Formule 1 and Motel 6 brands, representing 4,000 hotels and nearly 500,000 rooms in 90 countries.