AccorHotels drops plan to buy minority stake in Air France-KLM

AccorHotels earlier said it was looking at taking a minority stake in Air France-KLM to help it compete better against travel packages offered by online rivals such as Expedia and Booking.com. (Reuters)
Updated 26 July 2018
0

AccorHotels drops plan to buy minority stake in Air France-KLM

  • Accor made the announcement as it posted a 4.2 percent rise in first-half operating profit
  • Accor runs high-end chains such as Raffles and Sofitel as well as budget brands such as Ibis

PARIS: AccorHotels, Europe’s largest hotelier, said on Thursday it had decided to drop plans to buy a minority stake in Air France-KLM as it felt that conditions necessary for the deal had not been met at this stage.
Accor made the announcement as it posted a 4.2 percent rise in first-half operating profit, driven by restructuring efforts and robust demand in all key regions, and it predicted a further rise in profits for the full year.
Last month, AccorHotels had said it was looking at taking a minority stake in Air France-KLM to help it compete better against travel packages offered by online rivals such as Expedia and Booking.com.
However, it said it had since decided to abandon that plan.
“AccorHotels remains convinced of the strong potential for value creation of strengthened ties between hoteliers and airline. However, the group considers that conditions for taking a minority stake in Air France-KLM have not been met at this stage and has thus decided not to pursue the study of this project,” the company said in a statement.
Accor, which runs high-end chains such as Raffles and Sofitel as well as budget brands such as Ibis, said first-half operating profits rose 4.2 percent on a like-for-like basis to €291 million ($341.28 million), slightly above the €266 million average forecast in a ThomsonReuters poll.


Owner of Abu Dhabi’s Al Hilal Bank appoints chairman and CEO

Updated 21 April 2019
0

Owner of Abu Dhabi’s Al Hilal Bank appoints chairman and CEO

  • Eraiqat is currently group chief executive of Abu Dhabi Commercial Bank (ADCB)
  • Eraiqat will serve as chairman at Al Hilal in addition to his current role at ADCB

DUBAI: Abu Dhabi Islamic lender Al Hilal Bank said on Sunday its owner, the Abu Dhabi Investment Council, had appointed Alaa Eraiqat as the bank's chairman.
Eraiqat is currently group chief executive of Abu Dhabi Commercial Bank (ADCB), which is expected to merge with Al Hilal Bank and Union National Bank (UNB) in the first half of 2019.
Eraiqat will serve as chairman at Al Hilal in addition to his current role at ADCB.
The Abu Dhabi Investment Council, a sovereign wealth fund which combined with Abu Dhabi state fund Mubadala last year, also appointed Amr Saad Al Menhali as chief executive of Al Hilal Bank.