Corporate raider Carl Icahn has declared his intentions for Fairmont Hotels and Resorts Inc., reports the Toronto Globe and Mail.

He will pay $40 a share to acquire 51 percent stake and control of the company. He wants to force Fairmont to sell to a larger operator, which can “take advantage of economies of scale,” says Icahn.

Fairmont CEO William Fatt responded by playing the patriotic card, saying how terrible it was that “a guy in New York” can do this to a company that owns landmarks of the Canadian hospitality industry.

The offer is 23 percent above current share price but analysts say the stock could rally to Icahn’s offer, reports the Daily Deal.

Analysts say that Icahn wins whatever happens. He will get control or his shares will be pushed up by higher counteroffers.

Fatt is looking for a white knight (read passive investor) such as a Saudi prince with whom Fairmont has already partnered. Hmmm. That will really keep the Banff Springs hotel in local hands.