After raising its participation to more than 10% in the capital of AccorHotels, Jin Jiang is back for more. According to Bloomberg, citing sources closely involved in the discussions, the Chinese hotel group, already owner of 100% of Louvre Hotels Group, could build its ownership to close to 20%.
At the beginning of February, Jin Jiang had already taken over 5.5% of AccorHotels prior to raising its capital once again to reach 11.07%, forcing it to reveal its intentions to the Autorité des Marchés Financiers. The Chinese hotel group declared that it did not exclude the acquisition of other shares in the French group on the market, nor requesting the nomination of one or more representatives to the board of directors to participate in defining the group’s strategy.
“Chairman Yu has expressed his strong interest in the group and the way we are developing once again. I am pleased about his appreciation and welcome an astute investor who was able to find the right window to grow stronger; there is one hitch, though. It is clear that JinJiang is not a shareholder like any other as it already owns 100% of Accor’s main competitor in Europe. Exchanges of strategic information that is shared with shareholders will be limited. If he decides to cross a new threshold, that of 10%, he will have to clearly state his intentions. This is the rule of financial markets. But we are not at that stage yet, and we have received no demands from Jin Jiang in connection to its participation,” declared Sébastien Bazin, CEO AccorHotels, on that occasion.
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