PARIS Timing is everything, says Patrick Machefert, chairman of Les Hotels de Paris SA, in explaining why the niche hotels player is going ahead with an initial public offering this month despite the turbulence on the Paris stock market. However, the company has yet to receive approval from stock market regulator Commission des Operations de Bourse for the listing on Paris Second Marche.
Machefert declined Tuesday to give any specific details of the IPO, other than to say it should take place “in the middle of the month.” Machefert said proceeds of the IPO would be used for the acquisition of three- and four-star hotels in Paris. (12/5/00)
SOURCE: The Wall Street Journal