Les Echos: Colony Capital confirms investment in Accor.

January 17, 2008
Les Echos

US investment company Colony Capital has announced that it intends to invest approximately 1bn euros in French hotel group Accor to acquire further shares via a bank. According to the statement issued by the French financial markets authority, the bank concerned could acquire and hold up to 20 million shares, representing 8.7% of Accor's capital, between December 27 and July 10.

Colony currently holds a stake of 10.7% in Accor together with hedge fund TPG-Axon Capital Management. The company had announced at the end of December that it planned to invest at least a further 500m euros in Accor.

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