AccorHotels has finally thrown in the towel. The european giant of the hotel industry was announced, Thursday, July 26, that it was abandoning its proposed acquisition of a stake in the capital of Air France-KLM. At the beginning of June, Sébastien Bazin, the CEO, had confirmed its willingness to acquire the stake of 14.3 % owned by the State in the share capital of the company is franco-Dutch. Since then, the hotel group did not carry out the procedure. “Have we been able to reach agreement with Air France and have conditions that, at this stage, we can move forward ? The answer is no, ” said the chief financial officer, Jean-Jacques Morin.
According to some close to the matter, the leaders of AccorHotels would not be able to collect a pool of investors in france and europe in order to redeem the part of the State, which is valued at approximately 450 million euros. However, the juggernaut of the hotel, owned by chinese shareholders, qatari and saudis, could not make this redemption only. In addition, the regulation of Brussels requires that 50 % of the shareholders of a european company are from europe.
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AccorHotels candidate for the redemption of the share of the State in Air France-KLM
Broken links with the airline
By putting the foot at Air-France-KLM, AccorHotels has focused on the very large portfolio of members of the loyalty programme Flying Blue is the airline franco-Dutch. At the time of operates a vast movement of consolidation in the hotel industry, loyalty programs are more than ever the sinews of war.
