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Accor may sell Club Med stake in June-report

Wed Mar 12, 2008 1:18pm EDT

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PARIS, March 12 (Reuters) - French hotels group Accor (ACCP.PA) may sell its 6 percent stake in tour operator Club Mediterranee (CMIP.PA) in June, French weekly magazine Le Revenu reported on its online edition on Wednesday, citing no sources.

"As the shareholder pact tying Accor to Club Med comes to an end, the hotelier could sell in June the 6 percent that it still holds," in Club, Le Revenu said.

Asked for a comment on the report, a spokeswoman at Accor said the group had not made any decision yet regarding the evolution of its stake in Club Med.

"This stake is today a minor one. The shareholder pact is coming to an end in June. We will talk again about it at the right time, in good spirit, with (Club Med CEO) Henri Giscard d'Estaing," Accor Chief Executive Gilles Pelisson said in an interview with French magazine Investir earlier this month.

A shareholder pact representing 18 percent of Club Med's capital was sealed in June 2006 between Accor, Morocan bank Caisse de Depot et de Gestion du Maroc, and Air France-KLM (AIRF.PA).

Accor bought a 28.9 percent stake in Club Med in June 2004 for around 45 euros a share, before selling most of it in 2006. Accor last trimmed its stake to 6 percent, from 8.2 percent, in April 2007.

French investment group Richelieu Finance is now Club Med's biggest shareholder with a stake of around 17.5 percent, according to Reuters data. Richelieu is also a big investor in Swiss travel group Kuoni Reisen Holding AG (KUNN.S). (Reporting by Matthias Blamont, Writing by Marie Maitre)



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