Spain: Hotels company Barcelo offers US$2.2b to take over NH Hotels

NH Hotel Group confirmed on Monday, November 20, it had received a possible takeover offer from rival Spanish hotel group Grupo Barcelo in a deal that could create the biggest hotel group in Spain. Grupo Barcelo, which has over 230 hotels in 21 countries, proposed having a 60% in the shared group and a majority on the board in the unsolicited non-binding expression of interest, NH said in a statement to the Spanish stock exchange.

NH said in the statement it had recently approved an independent three-year strategic plan which was still in place.

Any decision to change that course would be announced to the stock exchange, the company – which operates nearly 400 hotels in 31 markets worldwide – said in a statement. NH voted last year to oust one of its co-chairmen and three other board members appointed by HNA over a potential conflict of interest after the Chinese conglomerate took over rival hotel group Carlston-Rezidor.

HNA has contested its removal from NH’s board in the courts. Pressure on HNA’s finances has grown after the Chinese government told major banks in June to revise their credit exposure to HNA and some other companies.

Full Content: Financial Times

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