Accor: Press Release From the Board of Directors
December 15 2009 - 1:53PM
PR Newswire (US)
PARIS, December 15 /PRNewswire-FirstCall/ -- Meeting under the
chairmanship of Gilles Pelisson, Accor's Board of Directors
approved unanimously (less one vote) the potential benefits of
separating the Group's two businesses. Reviews carried out by
senior management at the Board's request clearly showed that the
demerger would enable the Hotels and Prepaid Services businesses -
each a world leader in its industry - to step up their pace of
growth. In particular, the reviews showed that: - There are no real
synergies between Hotels and Prepaid Services, which leverage
unique skills and expertise, and operate in increasingly different
business environments. - Backed by sufficient independent financial
resources, the businesses would be better positioned in today's
more competitive global marketplace. - Separately, the two
businesses - each with its own business model - would be more
attractive to investors. - Each business's growth prospects would
lead to exciting new projects for employees, thereby enhancing
their pride and motivation. Based on the commitments made by the
two shareholders acting in concert, Colony Capital and Eurazeo, the
management team was asked to implement the action plan that would
enable the Board to submit the proposed demerger to shareholders at
the appropriate time, and in any case before the end of 2010. The
demerger of the Hotels and Prepaid Services businesses will be
submitted to employee representatives as part of the consultation
process as soon as possible. "The demerger would create a new,
solid, sustainable growth dynamic for both businesses, each of
which is a global leader in its respective business," said Gilles
Pelisson. "It would also serve as a growth driver for both Hotels
and Prepaid Services, offering employees the opportunity to take
part in two new entrepreneurial adventures, both of which have
bright futures ahead of them." Commenting on the decision, Philippe
Citerne, Vice-Chairman of the Board, said: "The management team
deserves our congratulations for the high quality of the studies
provided. Their reviews complied fully with the principles of
corporate governance and enabled the Board to reach a decision that
supports the long-term interests of the Group, its employees and
its shareholders." Accor, a major global group and the European
leader in hotels, as well as the global leader in services to
corporate clients and public institutions, operates in nearly 100
countries with 150,000 employees. It offers to its clients over
40years of expertise in two core businesses: - Hotels, with the
Sofitel, Pullman, MGallery, Novotel, Mercure, Suitehotel, Adagio,
ibis, all seasons, Etap Hotel, Formule 1, hotelF1 and Motel 6
brands, representing 4,000 hotels and nearly 500,000 rooms in 90
countries, as well as strategically related activities, Accor
Thalassa, Lenotre, CWL. - Services, with 32 million people in 40
countries benefiting from Accor Services products in employee and
constituent benefits, rewards and incentives, and expense
management. DATASOURCE: Accor CONTACT: CONTACTS PRESSE: Armelle
Volkringer, Senior vice president corporate communications and
external relations, Ph : +33(0)1-45-38-87-52; Alain Delrieu, Tel. :
+33(0)1-45-38-84-85; Charlotte Bourgeois-Cleary, Tel :
+33(0)1-45-38-84-84; CONTACTS INVESTISSEURS: Eliane
Rouyer-Chevalier, Senior vice president investor relations and
financial communications, Ph : +33-1-45-38-86-26; Solene Zammito,
Investor relations, Tel. : +33-1-45-38-86-33
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