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Synergies between the two companies

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Benefits for Accor<br />

A sizeable investment from an international strategic investor<br />

for Accor :<br />

� Give additional equity resources<br />

� Speed up expansion<br />

� Provide international expertise in hotel expansion<br />

A catalyst for for <strong>the</strong> <strong>the</strong> Accor share price<br />

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