ACCOR : a reassuring bet and a promising recomposition of ownership
Why revisiting the Accor case now ?
• The group will release its full-year accounts on 02/18/16
• The share has fallen 16% below the 12/08/15 €40.11 level on which was based the payment of the Fairmont transaction ,whose completion in Q2 will grant to QIA and Prince Alwaleed a combined 16.3% stake in Newco
• Jin Jiang -largest Chinese operator- has just disclosed a 6% stake ,in a move
- probably aimed at challenging the Accor-related ambitions of its rival Huazhu
- reflecting a tangible confidence over the AC price outlook
Why reassuring and promising ?
• In an unusual move by French standards ,CEO Bazin spent at 2014-end €4.25m to acquire 1.4m €42.00 calls exercisable at “Q4 2016 expiry”
• The ongoing capitalistic entry of 4 prestigious newcomers is bringing to the table of the group ,which used to be dominated by the “old guard” Colony-Eurazeo , a privileged network of international connections