GLOBAL MARKETS: Accor in A$1.2bn bid
Accor SA, Europe’s biggest hotel operator, has offered to buy Australia’s Mantra Group in a deal that values the hotel and resort operator at A$1.2bn.
The French company offered A$3.96/share in cash for Mantra and was given access to its books, the target said in a statement. The deal would be Accor’s biggest acquisition in the Asia-Pacific region, giving it an additional 20,000-plus rooms across Australia, New Zealand and Indonesia, and access to a growing tourism market. — Bloomberg
German industry ends summer lull
German industry rebounded from a summer lull with its best month in six years, keeping Europe’s largest economy on a solid footing in the second half of the year. Output, adjusted for seasonal swings and inflation, increased 2.6% from July, when it fell a revised 0.1%, the economic ministry in Berlin said on Monday. That’s the biggest increase since July 2011 for the typically volatile gauge, and it compares with forecasts for a 0.9% gain. Production was up 4.7% from a year earlier. — Bloomberg