October 1, Groupe Lucien Barriere should take his first steps on the Exchange. Wednesday night, after the close of trading, Accor announced it was withdrawing the offer to sell its 49% stake in Barrier lack of interest. "This participation is valued between 500 and 700 million euros", explained Gilles Pelisson Le Figaro (our editions of February 25).

By renouncing the transfer, it actually cancels the operation. Groupe Lucien Barriere securities were offered for sale at a price between EUR 16.10 and EUR 19.60.The final price for the placing on the market would normally be announced today, to allow the first steps Fellows casino operator tomorrow.

The Paris market does not like this ad: shortly after the opening of the Paris Stock Exchange on Thursday morning, Accor sells 2.5% thus registering one of the largest declines in the Cac 40, which fell for his part 0.6%.

Operation deemed "unclear"

"The operation was not obvious," says one banker specializing in fundraising. The segment of mid-cap companies is complex by nature and the sector does not dream of investors.The stock market performance of comparable, as Partouche, really did not plead for Barrier. "An argument partially taken over by Accor attributes that failure to both bad timing, a failure to market the casino sector, comparable to some carriers , referring to him as well, but a hint rival Partouche.

Accor justifies its decision, which took down many observers, the lack of investor enthusiasm for this band best known for its casinos but also has hotels, restaurants and bars, including the Fouquet's. "The offer did not meet the expected success in the proposed price range," says a spokeswoman for Accor.

A disposal plan quickfire

In an attempt to reassure the French number one in the hotel said that he is ahead in terms of asset sales it had set.In May 2010, he was 2 billion euros in sales by 2013, mainly walls of hotels. This year it was to achieve 450 million euros. The group should be ahead of its plan from 150 to 200 million by the end of the year.

In addition, good half also helped to strengthen Accor's finances. The abandonment of the sale should not have any impact on the balance sheet. This participation has been deconsolidated and should remain so for at least a year. However, "the group's debt was to be accelerated will now at a normal pace," said Gilles Pelisson warned Wednesday that "always said" it does not curtail Lucien Barriere.

Nevertheless, the sale of the stake in Barrier should be only a postponement. It remains a "non-strategic assets." All options are open again, including the search for an investor.This hypothesis has yet been abandoned once, management of the IPO Barrier preferring this solution.

Gilles Pelisson has reiterated "confident in the prospects of the group" remains "a great asset." Accor also claims to have "the ability to continue its expansion while retaining its stake in Groupe Lucien Barrière to benefit from the expected value creation."