Accor has sold a 4% stake in holiday group Club Med to
French bank Credit Agricole.
It said it has sold the 1,063,830 shares for €10 million, as part of its refocusing strategy.
The French hotel group has retained 98,800 Club Med shares, which will later be sold on the open market.
According to reports in the financial press, there has been renewed interest in Club Med recently after French entrepreneur Bernard Tapie announced last month that he was considering buying a stake in the group.
Club Med, which operates 80 holiday villages worldwide, launched a €102 million capital increase after reporting a loss in the first five months of its financial year.
By Bev Fearis
