InterContinental investors' £960m windfall
Sunday 05 August 2012
Investors in InterContinental Hotels, which is reeling from a price-fixing investigation, hope for better news this week with City analysts betting they may be on track for a $1.5bn (£960m) bonus.
That is the amount they could get via extra dividend payments and share buybacks, a move that might also keep activist investor Nelson Peltz happy.
The US fund manager recently took a 4.27 per cent stake in IHG. One source of cash is the sale of the flagship New York Barclay hotel, progess on which is expected at the group's half-year results on Tuesday.
Last week, the Office of Fair Trading found Holiday Inn-owner IHG had colluded with Booking.com and Expedia to limit discounts. The firms said they did nothing wrong and will challenge the findings.
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