European Hotel Company Accor Agrees to Split

With all the news about companies merging, this news is a little unusual: Reuters is reporting that international hotel group Accor shareholders have cleared the French company's plan to split into separately listed hotel and service voucher businesses to boost growth and expand abroad.

The voucher business, recently renamed Edenred, will be listed on July 2 after 88.49 percent of voting shareholders approved a one-for-one share split on Tuesday.

The plan is designed to help Accor's operationally geared hotel business shed real estate and assets to boost cash and give the cash-rich services unit a freer hand to expand in new markets and make acquisitions, boosting valuations.

Accor is also looking to sell some non-core assets to raise cash, including its 49 percent stake in casino group Lucien Barriere.

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