Accor Board Approves Details Of Demerger | wsj.com

France's Accor SA (AC.FR) Tuesday said its board has approved details of the demerger of its hotels and services businesses. The board approved an asset contribution-demerger agreement, according to which Accor will issue 1,985,428 new shares in exchange for the outstanding shares of a company held by Accor's founding members, Societe d'Exploitation et d'Investissement Hotelier, or SEIH.