Club Med: Fosun and Ardian against Strike – Echoes

Club Med: Fosun and Ardian against Strike – Echoes

Sino-French duo filed Friday morning against an oversupply that of Andrea Bonomi. It now offers a share price of 22 euros, 1 euro more than the OPA during the Italian businessman. The “Club Med” action was suspended

. <- /data/www/lesechos/import/prod/archives/fluxxml//2014/0912/flux_import/info_flux/0203769617347.xml ->

The takeover battle around the Mediterranean Club is restarted. The conglomerate Fosun, Chinese partner of the operator of holiday villages, and the investment company Ardian, his ally and another key shareholder of Club Med, have announced on Friday morning that it had filed against the bid-offer launched by the Italian businessman Andrea Bonomi. The Sino-French duo now offers a share price of 22 euros, against 21 euros for Global Resorts, the establishment by Andrea Bonomi ad hoc acquisition company. Title Club Med, whose trading has been suspended on the Paris Stock Exchange on Friday morning before the opening, was unchanged Thursday at closing, to 21.27 euros.

Another element of size, this escalation is clearly driven by Fosun, this time lead investor, even though the Chinese conglomerate had previously committed to parity with Ardian. Fosun is presented as “majority partner of the Offer” , in fact confirms the joint statement of the initiators of this new offer. To do this, the Chinese conglomerate operates with an additional investment vehicle, the insurance company Fidelidade Portuguese, it controls.

In addition, a block of 8% stake in Club Méditerranée was traded off market before trading at 22 euros, do we learn. Citing two traders, Reuters reported, meanwhile, “more than 9% ‘ of traded capital, also price of 22 euros.

Only a few hours to respond

According to the stock rules, the Sino-French duo, supported by the leadership of the club, had only a few

hours on Friday to counter the ongoing takeover of Global Resorts. validated by the AMF on 13 August. His term was set for Sept. 19. This is why the Italian businessman would have won the game in the absence of a higher bid today. A “big bang” global impact, including the CEO of Club Med, Henri Giscard d’Estaing, head of the group for almost twelve years, was the first to pay the price.

Global Resorts had” torpedoed “the initial takeover of the duo-Fosun Ardian, supported by the company’s management. Accordingly, this first offer was withdrawn on August 14. For the record, the unit price of 17.50 euros was established in early summer 2013.

Rise in Chinese power

Even Fosun has always been careful to strike a balance between the parties, the development of one-upmanship against the OPA-Andrea Bonomi ultimately led to his rise to power. The Chinese partner of Club Med and Ardian had to give up their principle of balance between Chinese and French parts, lack of additional support in their tricolor against attack. Caisse des Depots et Consignations, immediately sought, and the Accor group, have in particular been called in vain.

In fact, a rise of Fosun likely to being in the heart of another battle, parallel, that of communication. However, one could argue that the Club Med in the process of globalization is difficult to be relocated … Just as one would hurt, if invoked, the strategic nature of an operator of Holiday repositioned upscale. In fact, the real issue is the relevance or otherwise of the strategy of moving upmarket Club led by Henri Giscard d’Estaing and amplification of its globalization lower capital commitment. Recently published turnover of the Group for the third quarter of its 2013-2014 financial year showed, in turn, the group has a problem on a french market in crisis.