Capital Calls: Accor makes cheeky late check-in to SPAC party

  • 5/18/2021
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POOR HOUSEKEEPING. Accor (ACCP.PA) is making a cheeky late attempt to jump on board the special purpose acquisition company bandwagon. The $10 billion owner of hotels like the Savoy is speaking with advisers about listing a SPAC later this year, according to Bloomberg. Chief Executive Sebastien Bazin is considering raising up to 300 million euros to splurge on targets in the leisure and lifestyle sectors, the report added. It’s an odd move. If Bazin reckons big money can be made in leisure then it’s hard to see why he doesn’t use Accor’s own balance sheet, rather than raise external funds. A SPAC wouldn’t be helped by the French hotelier’s recent performance, with its shares down 17% share price since last February, compared to InterContinental Hotels’ (IHG.L) stock which is up 3% in the same period. And the offering would come just as investors are souring on blank-cheque vehicles. Bazin may have missed the SPAC check-in. (By Aimee Donnellan) On Twitter http://twitter.com/breakingviews Earlier in Capital Calls: UK’s Eurostar dodge misses a trick read more Capex concerns return to haunt telcos read more Scor succession mess may have M&A silver lining read more Heineken may need to pay up for African punt read more SF’s troubles ruin perfectly good REIT

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