World Economy

IHG Sale, Merger Denied

IHG Sale, Merger DeniedIHG Sale, Merger Denied

InterContinental Hotels Group, one of the world’s largest hoteliers, said it was not exploring a sale or merger, following a media report that the company was looking at its strategic options, Reuters reported. Following recent market speculation, the board of directors of IHG states that it is not considering a potential sale or merger of the company,” IHG said in a statement on Friday. Bloomberg reported earlier that IHG was in discussions with its financial advisers over whether to put itself up for sale or combine with a competitor as the sector consolidates. London-listed Shares in IHG climbed 5% to a four-month high of 2,741 pence, valuing the company at about £6.2 billion ($9.5 billion).