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The battle is back on to win control over Club Med

For a while the coast looked clear for the Italian Bonomi and allies, but the Chinese group Fosun, together with its French ally Ardian and other partners, has increased the bid to take full control over capital at Club Med.

The Italian group Bonomi is facing its initial adversaries that are blocking its way to take over Club Med and bring the brand back to its origins of social mixity. The Franco-Chinese tandem Fosun and Axa Assurances, through its subsidiary Ardian, raised its initial offer and increased its rounds for participations. Investors include the Portuguese Insurance company Fidelidade (a subsidiary of Fosun), one of the primary Chinese online agencies, U-Tour, and, undoubtedly, a Brazilian conglomerate, Docas Investimentos. All are now united within Gaillon Invest II, with an offer of 22€ per share valuing Club Med at 839 M€, versus 790 M€ with the Italian offer.

Under the new provisions, the Chinese Fosun is strengthening its position and its partners are only accompanying its industrial project by opening it up to emerging countries that appreciate the French Touch. The strategy remains to improve the product range with the announcement of a 50 million euro envelope for the renovation and extension of a series of 4 Trident villages.

The listing of the share was suspended. The offer will be officially presented to the financial authorities in October in order to close the deal in November, unless Bonomi and his fund strikes back.

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