The CIAM investment fund, which own about 1% of Club Med's capital, filed an appeal on July 24th with the Paris Court of Appeal to oppose the takeover bid from Fosun and Axa Private Equity.M Visconti, CIAM's attorney, explained in the press that the appeal concerns "a problem of the independence of the expert assigned to evaluate the method of the takeover bid, and the lack of information concerning the allocation of a huge block of reference shares to management".The Chinese group and the French fund will thus not be able to close on the bid of 458 million Euros for Club Med on August 30th, as was previously announced. The Financial Market Authority gave the green light for the operation on July 15th.
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