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 US stock market returned to record levels yesterday as investors regained their appetite for riskier stocks.

Supermarket giant Sainsbury’s was today mulling a £9.7bn (€14.25bn) indicative offer from its private equity suitors amid reports that major shareholders of the firm are holding out for a higher bid.