AccorHotels : launch of the share buy back program
Accor S.A. has announced on February 27, 2018 that it intended to implement, over a two-year period, a share buyback program that would cover up to 10% of its share capital, i.e. 1,350 million euros based on the market capitalization as of end of February 2018. |
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AccorHotels : launch of the share buy back program
Accor S.A. has announced on February 27, 2018 that it intended to implement, over a two-year period, a share buyback program that would cover up to 10% of its share capital, i.e. 1,350 million euros based on the market capitalization as of end of February 2018. |
Category: Worldwide - Industry economy -
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This is a press release selected by our editorial committee and published online for free on 2018-07-30
In this context, the Group has signed today with an investment services provider a share buy-back agreement to implement a first tranche of this share buyback program.
According to this agreement, Accor undertakes to acquire Accor shares for a maximum amount of 350 million euros.
The purchase period provided in the agreement shall start on July 30, 2018 and end on January 31, 2019, without being shorter than 3 months. The average price per share shall be determined on the basis of the arithmetic mean of the volumeweighted average prices during the duration of the agreement. This price shall not exceed the maximum price of 70 euros set by the Combined Ordinary and Extraordinary Shareholders' Meeting of April 20, 2018.
In this context, the Group has decided to suspend the execution of its liquidity agreement for the duration of the program.ABOUT ACCORHOTELS AccorHotels is a world-leading travel & lifestyle group and digital innovator offering unique experiences in more than 4,500 hotels, resorts and residences across 100 different countries.
With an unrivaled portfolio of internationally renowned hotel brands encompassing the entire range from luxury to economy, from upscale to lifestyle and midscale brands, AccorHotels has been providing savoir-faire and expertise for more than 50 years.
In addition to its core hospitality business, AccorHotels has successfully expanded its range of services, becoming the world leader in luxury private residence rental with more than 10,000 stunning properties around the world. The Group is also active in the fields of concierge services, co-working, dining, events management and digital solutions.
Relying on its global team of more than 250,000 dedicated staff, AccorHotels is committed to fulfilling its primary mission: to make every guest Feel Welcome. Guests have access to one of the world’s most attractive hotel loyalty programs - Le Club AccorHotels.
AccorHotels plays an active role in its local communities and is committed to promoting sustainable development and solidarity through PLANET 21 Acting Here, a comprehensive program that brings together employees, guests and partners to drive sustainable growth.
From 2008, the AccorHotels Solidarity Endowment Fund has acted as a natural extension of the Group’s activities and values, helping to combat the social and financial exclusion experienced by the most disadvantaged members of society.
Accor SA is publicly listed on the Euronext Paris Stock Exchange (ISIN code: FR0000120404) and on the OTC Market (Ticker: ACRFY) in the United States
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