To do this they will have such an audit of JPMorgan

Crucial, crucial, decisive...: adjectives abound to qualify the decision that will tomorrow's Board of Directors of the Accor Group. Its twelve members, who will meet in the morning - the meeting is likely to spill over in the afternoon-, will indeed pronounce on the "relevance" of separation between its two major clusters, hotel, his historical profession, prepaid, other services. To do this, they will have such an audit of JPMorgan. In the case where it is considered relevant, which seems likely, the terms and split project schedule will be however endorsed and announced that later. The publication of accounts 2009 of Accor, the next 24février, appears in the title as an appointment of importance. However, the Board of Directors, whose members have still worked last weekend on this critical issue, not in will be less yet more Group towards a historical split.

After the launch, at the end of August, of the study on the "relevance" of a separation, a second step was the 16novembre. At the end of a meeting on the issue, the Board of Directors then declared himself "satisfied with the progress of the work to formalize the two development plans of the hotel, on the one hand, and services, on the other hand, demonstrating the perennial and character of each of the two functions of the Accor Group and their ability to meet the challenges of their future development".In other words, he felt that the two branches of the group have a future even if they were separated.He also announced a new meeting "before the end of the year 2009 to take a decision on the draft". It is there.

This new and Oh how decisive meeting of the Council comes the debate is clearly on the public and especially controversial. Thus, in an interview published in "Le Figaro" of last Friday, Gilles Michel, the Director General of the strategic investment Fund (ISP), holder of 7.5 of the capital of Accor confirms not only his reluctance and those of the Caisse des Dépôts and Consignations (CDC), whose ISP is an offshoot from a split but announcement that it will decide. The pattern of the ISP says inter alia that "it is possible to pursue a strategy of development in the current framework", before adding: "A split in a market context that is not without risk seems expose each trade to an accrue. vulnerability".Above all, Gilles Michel warns that, in the hypothesis where the Council decides in favour of the demerger, the ISP vote "course against" at the General Assembly, while sliding avoir perfectly "awareness of the laws of arithmetic." Clearly, with 30 of the capital, the Colony Capital-Eurazeo duo, who is the project "since the beginning", is in strong position to win.

In the immediate part is thus within the Council, whose six members are considered to be independent. Two investment firms, acting together, have, on their side, four representatives in total. For its part, the CDC still occupies a Chair, CEO of Accor, Gilles Pélisson, therefore being the twelfth man.

The latter openly ruled, at the end of August, the split and implementing the Services pole award. In essence, a strategic turn 180 . Accor head since early 2006, Gilles Pélisson has until then defended the model of a group walking on its "legs". In the announcement of the study on the "relevance" of separation, the CEO of Accor had also indicated that independent directors were also open.