FRANCE'S ACCOR GROUP, which made a 2009 pre-tax profit of €448 million (£394m) on revenues of €7.065 billion (£6.243bn), is seeking shareholders' approval to demerge its hotels and pre-paid voucher businesses. An extraordinary shareholders meeting, called for June 29, 2010, will be held concerning approval for the creation of two separate divisions.
"Both businesses are market leaders, with the critical mass and international reputation to operate independently in fast changing markets," the Accor board says. The two divisions will have their own financial resources, separate management teams, and their own operating, marketing and sales structures.
The hotels side will encompass more than 4,100 hotels in 90 countries, and have more than 145,000 employees. Accor added more than 27,300 new rooms in 2009 and has another 103,000 in the pipeline.