Accor Bids For Mantra
Report: deal would increase French hotelier’s Australian base
Paris-based Accor SA has made a $900 million-plus bid for Mantra Group Ltd., in a deal that would bring together two of the largest lodging providers in Australia, The Wall Street Journal reports. Melbourne-based Mantra has more than 125 properties across Australia and New Zealand under the Mantra, Peppers and BreakFree banners, while Accor operates about 200 hotels in Australia under several of its brands, including Ibis, Novotel and Mercure, the business paper reports.
In a regulatory filing earlier this week, Mantra said it had opened its books to Accor after receiving an offer of about $916.6 million. The proposed takeover—which is still in a preliminary, non-binding form, and would require approval by both companies’ boards, among other steps—reflects hotel companies’ desire to seek increased scale to fend off aggressive home-rental companies and online travel agents, the Journal notes.