Accor in talks with HNA to counter Jin Jiang
Europe’s biggest hotel operator Accor has held talks with HNA Group to try to thwart an attempt by Jin Jiang to increase its stake in the company, Le Journal du Dimanche reported on Sunday.
The head of hotel company Accor has held talks with Chinese conglomerate HNA Group to try to thwart an attempt by another Chinese group Jin Jiang to increase its stake in the company, French newspaper Le Journal du Dimanche reported on Sunday.
The paper said Accor's Chief Executive Sebastien Bazin hoped to prevent Jin Jiang from increasing its stake to 29% which would trigger a public offer.
Jin Jiang, Accor's largest shareholder, already holds 15.6% of the French hotelier.
"According to our information, the CEO of Accor Hotels, who declined to comment, is in contact with another Chinese group HNA, to counter Jin Jiang," the Le Journal du Dimanche reported without citing its sources.
The French weekly newspaper said that another option, backed by several ministers, would be for the French state to take a 10 percent stake in Accor.
HNA already has a 10 percent holding in holiday group Pierre et Vacances and is in exclusive talks to takeover Servair, Air France's catering subsidiary.
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