Accor offers €795m for Australian hotel group

Accor, Europe’s biggest hotel operator, offered to buy Australia’s Mantra Group in a deal valuing the hotel and resort company at $1.2bn (€795m).

The French company offered $3.96 per share in cash for Mantra and was given access to its books, the target said in a statement.

The indicative offer was 23% more than last week’s closing price and Mantra shares jumped by a record 18% in Sydney trade.