Fram's takeover by HNA may be in jeopardy

2 min reading time

Published on 19/10/15 - Updated on 29/06/23

Framissima Gaïa Palace

It appears that the Chinese group HNA has finally renounced the takeover of the French tour operator because of the company's deficits that bring it close to bankruptcy.

The Chinese group HNA, which had announced its intention to take over Fram, appears to have stepped down from its offer, according to information in the French paper Les Echos. The "major deficits" of Fram, which is close to bankruptcy, led to this decision taken by the Chinese company.

Present in airline transportation, airports, tourism and the hotel industry, through its own brand HNA Hotels & Resorts and the NH Hotel Group, the conglomerate HNA had planned to partner with the network Afat-Selectour to buy the tour operator Fram from its historic shareholders. There were two takeover offers, that of the online distributor, Karavel Voyages, and that of the Chinese group HNA in association (for 10% of the investment) with Afat-Sélectour, the primary distributor of Fram products. The Chinese is already a majority shareholder of the Spanish NH Hotel Group.

At one time estimated at some €800 million, the company accumulated losses and recovery plans. The sale of many assets, including the ownership of Framissima hotel-clubs, did not allow it to balance the situation and the need for backing from a more powerful group appeared as the only viable solution.

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