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Accor Acquires 28.9% Stake in Club Méditerranée; 
Will Accelerate the Development of 
Club Méditerranée

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Paris,  June 11 2004. - Accor has announced that it is acquiring a 28.9% equity interest in Club Mediterranee, including the 21.2% of shares held by Agnelli Group (Exor/Ifil) and 7.7% held by Caisse des Dépôts et Consignations (CDC). With the acquisition, Accor will become the core shareholder in Club Méditerranée, which enjoys forefront brand identity and expertise in the leisure segment. The transaction is subject to approval by the monopolies and mergers commissions.

Arrival of Accor as a shareholder in Club Méditerranée: a key asset in Club Méditerranée’s strategic repositioning and development in upscale tourism sector

  • The Agnelli Group and Caisse des Dépôts et Consignations will sell to Accor 28.9% of Club Méditerranée.
  • The Caisse des Dépôts et Consignations will accompany Accor in this transaction and may then be able to increase its stake in Accor .
  • Accor, while becoming the core shareholder of Club Méditerranée, strengthens its position in the global tourism industry.
  • This transaction is an opportunity for Club Méditerranée to strengthen its strategy of moving up-market.
Club Méditerranée’s historic shareholders, the Agnelli Group (through its holding companies Exor and Ifil)  and the Caisse des Dépôts et Consignations, announced today that they will sell ClubMéditerranée’s shares of respectively 21.2% and 7.7% to Accor for a total of  252 million euros.

Pending approval by the monopolies and mergers commissions, Accor will hold 28.9% of the capital of Club Méditerranée and become its main shareholder as well as a leading industry partner.

Accor will finance the acquisition of this shareholding by bonds convertible  in shares or cash (ORANE), available to every shareholders, for an amount of 280 million euros, on the basis of one 40 euros bond per Accor share. The Caisse des Dépôts et Consignations has agreed to underwrite the issue, if necessary in full, to facilitate the transaction.

At this occasion, Tiberto Ruy Brandolini d’Adda, Deputy Chairman and Managing Director of Exor Group, stated "The Agnelli Group has helped develop Club Méditerranée since 1974 and has continually provided its support, including during difficult times. Club Méditerranée is now on the road to recovery thanks to the acceleration of the strategy put in place by Henri Giscard d’Estaing since  the end of 2002, as first half results show. We are pleased that this restructuring of Club Méditerranée capital, in full agreement with the management, will provide the opportunity for an association with a leading industry partner which will accompany the company in its future development."

Francis Mayer, Chairman of the Executive Board of Caisse des Dépôts et Consignations, stated "As one of the historic shareholders of both Accor and Club Méditerranée, the Caisse des Dépóts  is fulfilling its role of long-term shareholder by supporting this partnership. It provides Accor with the opportunity to strengthen its position in the tourism sector and it gives Club Méditerranée the opportunity of having a stable shareholder in the industry. The Caisse des Dépôts is reinforcing its position as main shareholder of Accor, European leader and one of the world’s largest groups in hotels and services."

Jean-Marc Espalioux, Chairman of the Management Board of Accor, stated, "In becoming the core shareholder of Club Méditerranée, global leader in the upscale holidays sector, Accor is reinforcing its position in the global tourism industry, in the context of its long-term strategy of offering a comprehensive range of products and services to business and leisure customers, who often overlap. I want to congratulate the management of Club Méditerranée on the strategy it is putting in place and assure them of my total confidence. We will study together the numerous opportunities for commercial  and operational synergies, beneficial to both companies, to accelerate the development of Club Méditerranée, and to expand further its position in a growth sector that surely will continue to structure itself further in the years ahead."

Henri Giscard d’Estaing, Chairman of the Executive Board of Club Méditerranée, thanked the Agnelli Group for its unfailing support throughout these thirty years, through good and bad times and also noted  the constructive role played by the Caisse des Dépôts, which has accompanied Club Méditerranée for several years, enabling us today to stabilize our core shareholding. 

Henri Giscard d’Estaing added "The association of Club Méditerranée with one of the industry leaders as its partner in development represents an exceptional opportunit  for Club Méditerranée to become the undisputed leader in the sector of  upscale, friendly holidays. It is in this context that will be studied with Accor the synergies and the sharing of resources that will benefit both companies.  This partnership will allow both groups to benefit in the most favorable manner from the future growth of the global tourism industry".
 

Contact:

Accor
Marie-Claire Camus
+ 33.1.45.38.84.85
marie-claire.camus@accor.com

Caisse des Dépôts et Consignations
Philippe Puyau
+33.1.58.50.40.00
philippe.puyau@caissedesdepots.fr

Club Méditerranée
Thierry Orsoni
+ 33.1.53.35.31.29
thierry.orsoni@clubmed.com


 
Also See: Club Med Reports First Loss in Four Years; Seeking the Right Model that Works in Tourism / March 2003
Kerzner Acquiring the Club Mediterranee on Paradise Island for $40 million; Will Operate Resort Through 2004 / September 2003
Club Med Agrees to Purchase Crested Butte Marriott Ski Resort in Colorado / Feb 2000


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