InterContinental Hotels slumps after denying Starwood merger talks
Updated : 10:29
InterContinental Hotels Group was under pressure after denying it was in merger talks with Starwood Hotels.
The company said: “Following recent market speculation, the board of directors of IHG states that it is not in talks with Starwood with a view to a combination of the businesses.”
On Thursday, shares in the hotel operator rose amid the merger talks speculation and as it reported solid interim profit growth thanks to an increase in revenue per available room across its regions.
At 1023 BST, IHG shares were down 3.2% at 2,654p.