Many commentators already forecast a full output term

Accor has therefore renounced control of Club Mediterranee, hypothesis that many observers believed since June 2004. Two years almost to the day after the announcement of his entry into the capital of the Group of leisure (it was June 11, 2004, the operation being effective in October) to height of 28.9, hotel operator, active also in the services, disengages, having decided to 22.9. The operation, unveiled Friday, was accompanied by a reconstruction of the capital of the Mediterranean Club.

As early as Friday, Accor sold a first block of 16 to the price of 44.90 euro course Club Med closing on June 8 a group of investors who wish to accompany the development of the operator of holiday villages, also tour with Jet Tours. The Caisse de Dépôt et Morocco, partner of the Club Management, takes 10 of the capital. Air France-KLM, the large claimant for the air, is committed to 2.

In addition, a "group real estate European first rank", whose identity has not been specified, must be 4. It is in fact Icade, the subsidiary of the Caisse des Dépôts et Consignations long one of the shareholders of the Club Med reference and who had worked at the arrival of Accor , recently introduced on the stock exchange. Taking of participation, which would subscribe in real estate development agreement, still depends on the approval of the Board of Directors of Icade, meeting today.

These new shareholders are bound by a Pact, to which Accor also participates. It is committed and to retain two years the balance of participation (6). Many commentators already forecast a full output term... But pending total withdrawal, Accor must still yield the second package of titles which he put on sale (6.9). They will "soon", sold the insurer Generali France to already gain 1.5.

For the disengagement of Accor, which will result in a restructuring of the Board of Directors of the Club Med (Accor holds 4 seats out of 12), the two groups signed a renewable three-year partnership agreement, purchasing and marketing, "to perpetuate the realized synergies."

The focus in the background

The operation is a major shift in the strategy of Accor, six months to the day after the arrival of Gilles Pélisson in its branch. The new strong man, who feels too differentiated share policies and others but also limited the potential for synergies between the two groups (see below), confirms that it conducts drum beating its "strategic review" of entries, with backdrop of the refocusing of the group.

The Paris stock exchange, the new was warmly welcomed by investors, Accor closing session Friday on a gain of 2.51, to EUR 43.75 title. By contrast, the withdrawal of the reference shareholder of terminated to the hypothesis of the OPA on Club Med, the course fell 6,01, to EUR 42,20, the sharp drop in the DTH eligible values. The collapse of the speculative bubble in the first place concerns Richelieu Finance, now the first shareholder of the Club Med Corporation with the participation of more than 25. "Very recently" advised of this capitalist restructuring, its President, Gérard Augustin Normand, was also very tense Friday, although he confirmed the tip of the lips its confidence in the future of the Club Med.

For its part, the CEO of the Group of leisure, Henri Giscard d'Estaing, "delighted" of the new deal, presented the new pole of shareholders quite diverse as "an additional asset that the market will appreciate the time come". This round table strengthens its margin of manoeuvre in any case. The CEO may appear all the more uncomfortable to carry out its strategy for a Club Med "high-end, friendly and multicultural", was, with Gilles Pélisson, a succession of Jean-Marc Espalioux active candidate to take the reins of Accor...