Orbis shares fall following disappointment of stake sold to French Accor

The share price of Orbis S.A. dropped 6.3% to zl. 30 on Thursday following the conclusion of the sale of a 35.37% stake to a consortium led by French hotel and tourist group Accor. On Wednesday the Treasury Ministry signed an agreement to sell the stake for zl. 578.6 million. Accor will hold a 20% stake of Orbis and the other consortium members Warsaw development company Globe Trade Centre and FIC Globe LLC in partnership with Deutsche Bank will own 5% and 10.37% respectively. Bankowy Dom Maklerski PKO BP analyst Radoslaw Biadon said, "It was market reaction, as investors expected that branch investors will get a bigger stake." A 20% stake in Orbis does not allow Accor to fully control it, but only to block decisions at shareholder meetings. "We do not plan to increase stakes in Orbis. We will not say that we will not sell the shares of this company if economic reasons advise it," said Accor development vice-president Christian Karoaganian. (Prawo i Gospodarka, page 11) M.M.