AccorHotels proposed an up to €1.96 billion investment in a buyback program for its shares, subject to approval from shareholders during a scheduled annual general meeting May 5.

At a per-share price, the maximum purchase price is proposed at €70.

The company is seeking an 18-month authorization period for the board to trade in the shares on behalf of AccorHotels, except during an ongoing public share offering. If the resolution goes through, AccorHotels can acquire a maximum of 28 million of its shares, representing approximately 10% of the company's capital as of Dec. 31, 2016.