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Accor Leads Bid to Form France's Biggest Casino Group

18 December 2001

PARIS, France –– As reported by Reuters: "French hotel giant Accor said on Monday it would lead a bid for the rest of Compagnie Europeene de Casinos at 52 euros (US$47) per share to form France's biggest casino group.

"The bid to acquire all of Compagnie Europeene de Casinos, made with financial backing from U.S.-based investment fund Colony Capital, gives the casino firm a market value of 258 million euros (US$233 million) excluding debt, Accor said in a statement.

"Accor took a 23.4 percent stake in the firm last December and already had a commitment to buy another 16.6 percent before Monday's deal was announced.

"…Founded in 1995, Compagnie Europeene de Casinos operates 19 casinos in France and three in Belgium and had gross turnover of 240 million euros in 2001.

"…Accor said the acquisition would double the size of its casino division, which had gross turnover last year of 302 million euros…"

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