BNY Mellon depository for French hotels 06 March 2015Paris Reporter: Stephanie Palmer
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BNY Mellon has been appointed as depository bank for French hotel operator Accor SA, for its sponsored American depository receipt (ADR) programme.
Accor has previously traded in the US as an unsponsored depository receipt. Each sponsored ADR will represent a fifth of an ordinary share, and will trade on the over-the-counter markets as ‘ACCYY’. Accor’s ordinary shares trade on Euronext Paris under the code ‘AC’.
The hotel operator caters to business and leisure travellers and has 3,700 hotels in 92 countries.
As of 31 December 2014, BNY Mellon was depository for more than 2,800 American and global depository receipt (DR) programmes. It has partnerships in 65 countries.
Christopher M. Kearns, CEO of BNY Mellon's depositary receipts business, said: "France is an important market for U.S. investors, and we'll work closely with Accor to help the company achieve enhanced visibility with this new sponsored DR program."
He added: "We're committed to providing Accor with the resources and expertise they'll need to support investor outreach initiatives."
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