UPDATE: Eurazeo: Accor De-Merger Study Won't Change Intention
August 28 2009 - 5:38AM
Dow Jones News
The possibility of French hospitality and vouchers group Accor
SA (AC.FR) spinning off its vouchers business doesn't change French
investment company Eurazeo SA's (RF.FR) intention to remain a
shareholder in Accor.
"We are completely interested in remaining (a shareholder) of
Accor if it goes through with this," Eurazeo's Chief Executive
Patrick Sayer told a press conference Friday.
Under intense pressure from the global economic downturn, Accor
Thursday said it was considering hiving off its vouchers
business.
Eurazero has financing to cover its Accor shareholding for five
years. It started buying into the big hotels group in May 2008.
As of July, it held about 10.2%, making it the second largest
shareholder in the company, behind Colony Capital LLC, which owns
around 19%. These two investors have stated they intend to keep
their combined holding at around 30% of Accor's capital.
Eurazeo earlier Friday said it welcomes the decision of Accor to
consider a demerger of its vouchers business.
Company web site: www.eurazeo.com
-By Nathalie Boschat, Dow Jones Newswires; +33 1 4017 1740;
nathalie.boschat@dowjones.com