InterContinental Hotels tops FTSE 100 on reports it's mulling a deal
InterContinental Hotels flew to the top of the FTSE 100 on Friday afternoon following a report the company was mulling the possibility of a sale or merger.
FTSE 100
8,177.15
16:39 01/11/24
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n/a
FTSE 350
4,508.38
17:14 01/11/24
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FTSE All-Share
4,465.61
16:54 01/11/24
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InterContinental Hotels Group
8,592.00p
16:35 01/11/24
0.35%
30.00p
Travel & Leisure
8,153.56
17:14 01/11/24
0.52%
42.39
Bloomberg cited people familiar with the matter as saying that IHG is in discussions with financial advisers about whether to sell itself or merge with a competitor as the sector consolidates.
Media reports in July suggested the Holiday Inn owner was in talks with Starwood Hotels & Resorts over a possible merger but these were subsequently denied.
In October, IHG posted a rise in third-quarter revenue per available room and expressed confidence in the outlook for the business.
At 1420 GMT, IHG shares were up 4.8% at 2,736p.