Accor: Press Release From the Board of Directors
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Accor: Press Release From the Board of Directors
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Category: Worldwide
This is a press release selected by our editorial committee and published online for free on 2008-08-28
Following extensive talks with the Colony/Eurazeo concert
group, the Board of Directors of Accor noted at its meeting today that the
concert group has expressed its full support for Accor's expansion strategy,
which is based on two core businesses, Hotels and Services, and has no
intention of seeking either de jure or de facto control of the company,
thereby confirming the strategic partnership formed with Colony Capital in
March 2005.
The Board of Directors also noted the commitments undertaken
concerning compliance with the principles governing Board seats -
particularly the requirement that the majority of members be independent
directors - and the introduction of appropriate mechanisms designed to
prevent any conflicts of interest arising from Eurazeo's other investments in
the hotel industry.
Lastly, noting that Colony has expressly reaffirmed that it is
bound by the commitments undertaken in March 2005 that prohibit it, except in
particular instances, from tabling any resolutions at the Shareholders'
Meeting that have not been previously approved by Accor, the Board of
Directors considered that, in light of the shareholders' agreement signed on
May 4, 2008, Eurazeo is also bound by the stipulations.
Under these conditions, the Board of Directors unanimously
decided, based on the 21.6% interest in the Company's capital presently held
by the Colony/Eurazeo concert group, to increase the concert group's number
of seats on the Board from 2 to 3, and consequently to appoint as Director
Patrick Sayer, Chairman of the Eurazeo Management Board, who will also become
a member of the Audit Committee, replacing Etienne Davignon.
In addition, following the resignation of Dominique Marcel,
the Board of Directors has appointed Alain Quinet as Director and member of
the Commitments Committee.
Shareholders will be asked to ratify these two appointments at
the next Shareholders' Meeting.
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 40 years of expertise in two core businesses:
- Hotels, with the Sofitel, Pullman, Novotel, Mercure,
Suitehotel, Ibis, all seasons, Etap Hotel, Formule 1 and Motel 6
brands, representing 4,000 hotels and nearly 500,000 rooms in 90
countries, as well as strategically related activities, such as
Lenotre.
- Services, with 30 million people in 40 countries benefiting
from Accor Services products in human resources, marketing services
and expense management.
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