Accor’s Club Méditerranée Acquisition Takes Effect

25th Oct 2004

Following approval of the transaction by the European Commission, Accor’s
acquisition of a 28.9% equity interest in Club Méditerranée took effect
today. As Club Méditerranée’s core industrial shareholder, Accor will help
the company pursue its earnings recovery by developing mutually beneficial
synergies. Club Méditerranée’s Supervisory Board, in a meeting held on October 22,
2004, coopted Jean-Marc Espalioux, Chairman of the Accor Management Board
and CEO, as well as Serge Ragozin, Executive Senior Vice President,
International Supports, Jacques Stern, Group Chief Financial Officer, and
Pierre Todorov, General Counsel. Mr. Espalioux was also named Chairman of
the Board Strategy Committee.

The 28.9% stake in Club Méditerranée, of which 21.2% was held by the
Agnelli Group (Exor/Ifil) and 7.7% by Caisse des Dép™ts et Consignations,
was acquired at a price of EUR45 per share. Accor financed the transaction
through a EUR279 million ORANE redeemable bond issue carried out in late

The ORANE bonds will be redeemed by delivery of 6,965,325 new Accor
shares, based on one Accor share per bond, no later than November 8, 2004.
Caisse des Dép™ts et Consignations has subscribed around 96% of the ORANE
issue which will increase its Accor shareholding from 4.5% to 7.5%.


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