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Accor reduces holding in Club Med
French hotel group Accor has sold most of its shareholding in resort operator Club Med for £96 million.
Accor has reduced its ownership from 28.9% to 12.9% and is to offload a further 6.9% to leave it with a 6% holding. Air France-KLM were among the purchasers of the shares.
The move came as Club Med reported a return to the black for the winter half-year to April 30 with a net profit of euros 1 million against a loss of euros 25 million a year earlier.
Accor chief executive Gilles Pelisson said: “After the divestment of the shares in Compass and our stake in Carlson Wagonlit Travel, this disposal is another step to the refocusing on our two core business – hotels and services.”
Accor and Club Med have signed a three-year renewable purchasing and and marketing agreement.
Report by Phil Davies
Phil Davies
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