ACCC Clears AccorHotels Acquisition of Mantra Group Ltd
The acquisition still requires approval from Mantra shareholders as well as approvals from the Federal Court and the Foreign Investment Review Board.
THE ACCC (Australian Competition and Consumer Commission) has announced that it will not oppose the proposed acquisition of Mantra Group Limited (ASX: MTR) (Mantra) by AAPC Limited (Accor). The acquisition still requires approval from Mantra shareholders as well as approvals from the Federal Court and the Foreign Investment Review Board.
Accor’s business is mainly focused on hotel-style accommodation and its brands include Sofitel, Novotel, Mercure and ibis. Mantra’s focus is on serviced apartments, which it offers through its Peppers, Art Series, Mantra and Breakfree brands.
"The combined Accor-Mantra will still compete with other international and national hotel chains, as well as many independent hotels and accommodation providers," ACCC Chairman Rod Sims said.
"The combined Accor-Mantra will have a large number of properties in some areas, particularly in certain holiday destinations in Queensland. However, in each case and after a detailed review the ACCC has found that there are also sufficient other options nearby for visitors which will provide competition to Accor-Mantra," Mr Sims said.
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