Last November, NH Hoteles, Banca Intesa and Joker signed a master agreement whereby they set up the company Grande Jolly (NH Italia 51%, Joker 42% and Banca Intesa 7%), controlling around 75% of the capital of the hotel chain Jolly Hotels. On January 31st 2007, the Italian competition authority gave its permission for the setting up of the new company Grande Jolly, as a result of which the requirement for starting the operations to take over Jolly Hotels was fulfilled. Grande Jolly has submitted the prospectus for a Takeover Bid for the shares of Jolly Hotels, held by minority shareholders.
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