Shareholders of hotels and vouchers group Accor voted yesterday to proceed with the split of the group into two separately listed companies.
The vouchers business, recently named Edenred, will begin trading Friday. The split is expected to aid both businesses which have struggled due to the economic downturn. Key shareholders US private equity firm Colony Capital and French investment company Eurazeo, which together own a 29.2% stake in Accor, will keep their stakes until 2012. Accor shareholders will also own one share in Edenred for each share they own in Accor.
See the full press release here: