PARIS (Reuters) – The chief executive of Accor said it would be complicated for the French hotels group if Chinese shareholder and fellow hotel operator Shanghai Jin Jiang Hotels sought a board seat.
CEO Sebastien Bazin told French weekend newspaper Le Journal du Dimanche that the Chinese group had not so far requested a board seat at Accor, whose portfolio include Raffles, Sofitel and Pullman hotels.
“If they did, that would bring a direct competitor in many countries and brands to the board. That seems complicated to me,” Bazin said.
The Chinese group is Accor’s biggest shareholder with a nearly 12 percent stake and voting rights of nearly 18 percent, according to a regulatory filing last October.
Bazin said that it was neither a “dream nor a nightmare” to have Jin Jiang as its biggest shareholder and that the two groups met every three months.
(Reporting by Leigh Thomas; Editing by Keith Weir)