GLB a century and has never been as powerful

Announced last weekend, the output of Accor for the capital of an operator of casinos and hotels of prestige group Lucien Barrière (GLB) and the simultaneous arrival of Fimalac are now closed. The protagonists have announced yesterday, after the close of the stock market, have led to an agreement. The transaction will be finalized in the first quarter, after the green light of the competition authority.

FIMALAC will finally acquire a share of 34 to 49 held by Accor, GLB picking up 15. With the cancellation of this block, the participation of the holding company of businessman Marc Ladreit de Lacharrière will increase to 40, control block of increasing by 51 to 60 Desseigne-Barrière family.

The amount of the transaction amounted to 268 million euros, which is below the bottom of the "range" established the project abandoned in late September, for the introduction of GLB on Nyse Euronext Paris. The participation of Accor was then valued a minimum of EUR 282 million.

The hotel operator saves however EUR 15 million of fees envisaged the introduction on the stock market and receives its share of the profit of GLB for 2009-2010, 7.35 million. "Accor shareholders there are", underlines this title Gilles Pélisson, Chairman of its Board of directors until 15 January, and the flexibility to address this last large file with a solution, in his eyes, "optimal for the three parties".

Accor must nevertheless register a loss of EUR 80 million on his participation, valued in fine to 348 million in its 2010 accounts. FY 2010 operator is however also marked by value his services ex-pôle Exchange development, has become the Edenred company, without counting the real estate transfers.

Meanwhile, in an interview with the "Echos", CEO of GLB, Dominique Desseigne, explains what the operation marks the kick-off of a "new deal" for his group.

To what extent Fimalac is a partner of long-term GLB

FIMALAC is the partner that I chose. I know that for him it similarly. When I started to talk to Marc Lacharrière Ladreit in November, I was 7 or 8 parallel negotiations with candidates of any kind: Fund investment, sovereign wealth funds, same business. I immediately saw that we had a vision of long term, including real estate assets of GLB, or about 250,000 m2 in total. As I have already said, GLB, which is already atypical with its emblematic assets, will invest less in the future in real estate. This can allow Fimalac to be priority to make these investments. For memory, we have resold the walls of Fouquet's Barrière and we only have 34 of our establishment of Marrakech.

Moreover, there is a potential for synergies to operate with Fimalac in the cultural field. With its 2.700 performances staged annually, GLB fits well in the sense of its recent developments in the universe of the operation and the production of shows. I would add that we are bound by a shareholders Pact. FIMALAC will be 4 representatives on the Board of GLB, which has 10. It really is a new deal for GLB, after a beautiful route with Accor. I am pleased that Gilles Pélisson remains on the Board. GLB a century and has never been as powerful. It is the culmination of ten years of working hard, with ultimately a degree of historical participation of the family. Even if the new statutes allow me to be CEO up to eighty-five years, I install the fourth generation, that of my two children, in the best conditions. I am proud. I believe that this operation would have pleased my wife.

What is the financial impact of the operation on GLB

The cost for the group is of 82 million. It will be funded through our lines of credit. With our generation of cash flow and net debt reduced under the bar of the 380 million euros, we retain an ability of movement. We have beautiful views and prospects for development projects. Us candidate in a tender for the casino of Neufchâtel in Switzerland. In addition, we want to participate in the consolidation of our industry.

The immediate resumption of the casinos in France sector confirmed

The 2009-2010 year ended October 31, ended well with a gross operating surplus in the top of our forecast at EUR 138 million. Similarly, we have reached our goal in terms of reduction of the debt. Moreover, the market share of GLB, number one in the sector, is stable at 31.1.

For 2010-2011, I remain cautious. November and December were difficult months with a decrease of 4, consistent with the market, but the period was marked by exceptional events, including weather.

By contrast, the first digits of January are better. There is a positive element that it should be noted: If attendance declined in November and December, the average spending per visitor increased.

Your launch on the market of online poker was irked by technical problems. Where are you today

It is normal to have adjustments at the start but everything now works normally. I am very confident even if with our partner the French of the games we had to leave after everyone, on the one hand, to comply scrupulously with the French regulations and, on the other hand, because the necessary go-ahead from the European Commission. We have assets, in the first place our brands and casinos barrier because we believe, and we are not alone, the synergy between the Net and the game hard.

Our rise will be gradual. Unlike many, we have been modest advertising expenditures, but with the French games we're here to stay. I cannot go into detail, but we also prepare partnerships that will fuel our growth.