AccorHotels has approached European investors asking them to team-up with the multinational hospitality group in a bid for Air France-KLM stake in order to alleviate concerns about non-European ownership, the Financial Times has reported citing three sources familiar with the situation.
The Paris-based hotel group has earlier been reported as interested in acquiring some or all of the 14.3% stake in the aviation holding currently held by the French state, valued at some EUR430 million euros (USD496 million). The French government's stake currently gives it 23% of voting rights in Air France-KLM.
At least a quarter of AccorHotels' shares is currently held by non-European Union entities, including Chinese tourism firm Jinjiang International Company Limited, the Qatar Investment Authority, and the Kingdom Holding Company of Saudi Arabia. Under EU law, all carriers registered in the Union have to be majority-owned and effectively controlled by EU investors.
By partnering with other European investors, AccorHotels would ensure that the effective control of the acquired stake remains with the EU entities. Additionally, the group is also reportedly seeking to alleviate the concerns of some of its own shareholders regarding a significant capital investment in the aviation group which has been marred by labour issues at Air France.
AccorHotels has been cooperating with Air France-KLM on a commercial level, particularly in regard to the development of joint digital projects, for a number of years.
It is recalled that the Dutch government has recently refused to buy a stake in Air France-KLM, despite the growing concerns voiced in the Netherlands caused by the imbalance between Air France and better-performing KLM Royal Dutch Airlines. Besides the French state, the single largest shareholder, other major shareholders of the holding include Delta Air Lines and China Eastern Airlines which hold an 8.8% stake each, and the employees who control 3.9% of shares.
