Orbis president calls for cash payment in Accor deal

Orbis president Maciej Grelowski has said he will propose to shareholders that the takeover of the Accor hotel network in Poland be conducted as a straightforward buy-out. "At the end of February and the beginning of March preparations for the structural merger should begin. As president of Orbis I will suggest that the takeover of the Accor hotels be carried out as a cash transaction and not by issuing shares to the French investor. There are many reasons why this way is better," Grelowski commented. He went on to explain that Orbis would employ an independent auditor to assess the value of Accor's property holdings. However, he declined to reveal what he estimated the value of the transaction might be. (Puls Biznesu, p. 4) P.J.