Since mid December the price of Orbis shares has increased by around thirty one percent. This may not be as a result of rumoured call by the French Accor but instead because investors see good returns from the company. This summer Accor is likely to incorporate Orbis fully into its corporate structure. The French are likely to attempt to buy more stock in Orbis although a call to buy Orbis stock is consider by analysts to be unlikely. A rumour that the Polish hotel operator may issue new shares directed to the French investor was denied by Orbis MD Maciej Grelowski who said that any new issue would be directed to all existing shareholders. Accor currently holds a 25 percent stake in Orbis. Last year it said that it would like a 35 — 40 percent stake in the company. Orbis last year made around PLN50m.