Shareholders in hotels giant Accor back company's split
Shareholders of Europe's biggest hotel group Accor gave their backing on Tuesday to split its core hotel business from its services activities.
Shareholders approved the split, which the French group's board already backed in December, by 88.49 percent at a general assembly, according to an AFP journalist.
Under the plan, Accor will keep the 4,100 hotels it operates under the Sofitel, Novotel, Ibis and Formule1 brands.
Its services business, which has doubled in size over four years, will be hived off into a separate company called Edenred.
Services business provides employee benefits including lunch, transport and childcare vouchers in 40 countries.
© 2010 AFP