ACCC clears Mantra acquisition by Accor

Company News

by Rachael Jones

The ACCC has announced today that it will not oppose the proposed acquisition of Mantra Group (ASX:MTR) by Accor Hotels. Accor’s business is mainly focused on hotel-style accommodation. Its brands include Sofitel, Novotel and Ibis. Mantra’s focus is on serviced apartments such as Peppers and Breakfree brands.

The ACCC found that despite the Accor-Mantra combo set to have a large number of properties in some areas – such as holiday destinations like Queensland – they found that there were also sufficient options for accommodation for visitors.
Accor is part of the world’s largest hotel and tourism group, AccorHotels and Mantra is an Australian accommodation provider operating over 125 properties across the Asia Pacific region.

Now that the ACCC has the merger a thumbs up Mantra shareholders will also vote on the merger. 

Shares in Mantra Group (ASX:MTR) are up 1.03 per cent to $3.93.

 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.