Meridien at a cost of 1.82 billion francs ($348 million).

Forte owns the Belmont Hotel and Harmony Club, formerly Harmony Hall. "I am delighted we have completed the purchase of Meridien. This is a major strategic step for us and transforms Forte into a significant player in the international luxury market,'' said Mr. Rocco Forte.

"Meridien and Forte's combined portfolios will enable us to serve the needs of the international traveller and, in the process, enhance profits for our shareholders and for other owners of Forte and Meridien hotels,'' he added.

Details of the acquisition include; the purchase of Air France's 57.32 percent shareholding of Meridien at a price of 203.26 francs per share. The total cost was 1,089 million francs, of which 871 million francs was paid on completion and 218 million francs is payable on March 8, 1995, subject to any deductions or retentions in respect of specified warranties given by Air France.

Minorities representing 11.35 percent of the shares in Meridien agreed to sell to Forte on terms identical to those agreed with Air France. The deal totals 216 million francs of which 173 million francs was paid on completion and 43 million francs is payable on March 8, 1995, subject to any deductions or retentions in respect of specified warranties.

A further agreement was obtained from minorities representing 31.33 percent of the shares of Meridien to sell to Forte at a price of 170.30 francs per share.

The total cost is 508 million francs payable in full on completion and not subject to deductions or retentions.

The board of Meridien appointed Mr. Forte as chairman. Monsieur Jean Didier Blanchet was appointed vice chairman and will also join a number of other Forte Group companies in France as a non-executive director.

Mr. Randolph Guthrie, managing director of Forte Grand, was elected to the board of Meridien and has been appointed chief operating officer.

Meridien is a chain of 54 international hotels in 34 countries in Asia, North America, Europe, the Middle East and Africa.