Jin Jiang is no Anbang, but it's clear that many large companies, especially those based in China, are looking to place their investments in foreign hotel companies.
Accor SA, Europe’s biggest hotel operator, rose the most in six weeks after Le Figaro reported that China’s Jin Jiang International (Holdings) Co. wants to increase its stake in the company to 29 percent.
Accor gained as much as 5 percent in Paris on Friday, the most since April 20. Jin Jiang is already the largest shareholder with about 15 percent of the stock, according to a May 27 filing from the French stock market AMF. Representatives for Jin Jiang and Accor declined to comment.
Jin Jiang, which controls China’s largest lodging company by market value, is considering increasing its holding in Accor SA, people with knowledge of the matter said in April.
Under French takeover rules, Jin Jiang would need to make a bid for the rest of Accor if its stake exceeded 30 percent.
Accor traded at 39.80 euros at 12:43 p.m., giving the company a market value of about 9.5 billion euros.
With assistance from Emma Dong and Dalia Fahmy.
©2016 Bloomberg L.P.
This article was written by Jack Sidders and Alexandre Boksenbaum-Granier from Bloomberg and was legally licensed through the NewsCred publisher network.
Photo credit: The lobby of the Sofitel Montevideo Casino Carrasco and Spa. Jimmy Baikovicius / Flickr