Oct 29 (Reuters) - Europe's largest hotel group Accor SA
ACCP.PA is planning to buy Canada-based FRHI Hotels & Resorts
for about $3 billion, The Wall Street Journal reported on
Thursday, citing sources.
The deal, which could be announced as early as next month,
could still fall apart as the hotel giants did not reach any
agreement yet, the newspaper said. (http://on.wsj.com/1MXwKze)
FRHI, which operates luxury hotel brands like Fairmont,
Raffles and Swisshotel, hired Deutsche Bank (DE:DBKGn) and Morgan Stanley (N:MS)
to estimate the market value of the company, The WSJ said.
Accor Hotels, which competes with InterContinental IHG.L ,
Marriott MAR.O and Starwood HOT.N is undergoing a
reorganization under CEO Sebastien Bazin who took the top post
two years ago. urn:newsml:reuters.com:*:nL8N12E3WY
The hotel is also regarded as the "preferred bidder" of four
finalists for FRHI, the newspaper said.
Accor and FRHI could not be reached immediately for a
comment outside regular business hours.