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

Credit Agricole had pledged to subscribe for a total 10 million euros of shares and ORANE bonds convertible in new or existing shares. Moroccan state investment vehicle Caisse de Depot et de Gestion du Maroc, which already owns 10.7 percent of Club Med, and French state bank Caisse des Depots, have also said they would take part in the rights issue.

"The deal further strengthens the group of core shareholders representing about 22.5 percent of capital," a trader said, adding though that about 20 percent of Club Med's capital remained in the hands of funds which could easily sell to a bidder if the opportunity arose.

There has been renewed interest in Club Med after Tapie told French newspaper Le Journal du Dimanche last month that he was considering buying a stake in the group, which operates 80 holiday villages around the world.

He told the paper that three or four friendly funds were ready to join him in taking a holding in Club Med and he had the backing of shareholders "fed up of seeing their investment melt over the past five years". But he also told Les Echos newspaper he ruled out a hostile move.

Tapie is a high-profile businessman who made a fortune turning around a string of firms including Adidas but lost it later in an acrimonious battle with bank Credit Lyonnais over debts and the sale of assets.

The former politician turned actor last year obtained a 285 million euros settlement over a series of court cases with the formerly-state owned bank now part fo Credit Agricole.

Club Med shares have slumped from 48 euros in July 2007 to just under 10 euros now as analysts questioned the management's strategy of turning into an upmarket holiday village group.

Club Med is due to report interim results on Thursday.

(Additional reporting by Blaise Robinson, editing by Will Waterman)

((marie.maitre@reuters.com; +33 1 4949 5331; Reuters messaging: marie.maitre.reuters.com@reuters.net))

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