UPDATE 1-Credit Agricole buys 4 pct stake in Club Med

* Credit Agricole buys 2/3 of Accor's shares in Club Med

* Club Med says welcomes Agricole's entry in its capital

* Analysts say Credit Agricole supports Club Med's strategy

* Traders say Agricole strengthens Club Med shareholder base

* ClubMed shares up two percent

(Rewrites throughout with analyst, traders, more background)

By Marie Maitre and Noelle Mennella

PARIS, June 10 (Reuters) - Credit Agricole (CAGR.PA) has agreed to buy a 4 percent stake in Club Mediterranee (CMIP.PA) from hotel group Accor (ACCP.PA), a move which traders said will strengthen the French holiday group's core shareholders.

"We are delighted to welcome Credit Agricole in the capital," said a spokeswoman at Club Med, which has been at the heart of intense takeover talk after French businessman Bernard Tapie said he was interested in buying a stake in the company.

In a statement in the early hours of Wednesday, Accor said it had sold just under 1.1 million Club Med shares at 9.40 euros each, or a total amount of 10 million euros ($13.87 million), as part of its strategy to focus on core businesses.

Accor shares were up 1.3 percent at 30.55 euros by 0940 GMT, while Club Med's stock gained 1.4 percent to 9.43 euros, in line with the rest of the European travel and leisure .SXTP sector, as traders and analysts said the move was widely expected.

"Accor has done what it said it would do. They had not taken part in the (Club Med's) capital increase while Credit Agricole had made a firm commitment to take part in the issue," said analyst Mathias Desmarais at French broker Exane BNP Paribas.

Desmarais also said Credit Agricole had long worked with Club Med and was supporting its strategy.

In May, Club Med launched a 102 million euro capital increase to shore up its finances after swinging to a loss in the first five months of its fiscal year.

DISAGREEMENTS ON STRATEGY