Chinese or Italian? The future of the Club Med exchange policy again, over a longer tender offer (OPA) has ever experienced the Paris stock exchange. For it is to China that now addressing the balance, with against-against takeover bid launched by the Chinese giant Fosun, a specialist in chemistry, finance or real estate.
Small summary those who missed the first episodes of the saga: In June 2013, the CEO Club, Henri Giscard d’Estaing is associated with Fosun and the bottom of Ardian French investment to launch a takeover bid for the Club Med. But the price is so low – 17.50 euros per share, or $ 660 million for the company – and the position of Giscard so ambiguous – it is both the CEO who must defend the interests of all investors in this offering and considered too low, trampling the rights of its minority shareholders – that these minority rebel and complain. Everything is blocked for nine months.
A new candidate for redemption
When justice finally gave the green light to the takeover bid, another candidate has awakened. Italian Andrea Bonomi, among other Ducati boss or Spanish theme park Port Aventura, launches its own offer: 21 euros per share, or 800 million euros on the table. As a bonus, he announced a new strategy for the club, endorsed by the former CEO and son of the founder, Serge Trigano. He wants redémocratiser club, open new centers in Europe or back to the famous “all-inclusive” which was the DNA of the club. The opposite of what it means to Giscard exact. Wants him to focus on luxury Club and go cruising Chinese customers by opening his new club “all inclusive” Asia
Before the new price, Fosun principal shareholder since 2010, hesitated three months. Club Med will undoubtedly this year’s poor financial performance, its customer base in Europe continues to flageoler. Is it reasonable to bid? The other issue for Fosun was fear of a Franco-French visceral reaction. In the first offering, Ardian fund was only there for “Frenchified”
In-Dongfeng Peugeot alliance, the situation has changed
Finally, Henri Giscard d’Estaing, including in recent months that the French government denied any importance to the future of Club Med and its 13,500 employees, whether Asian or Italian, and the Deposit not up to the plate to defend the French Nugget, formerly strategic ” things have changed since Peugeot has partnered with a Chinese company Dongfeng and collaborations between the two countries are increasing, “said an adviser to the Club.
No need to worry about a facade French. Fosun therefore renewed the assault Club, this time with the intention of becoming majority shareholder. Ardian will keep only 5% and it would have already sold a portion of its shares this morning at 22 euros. This will be the amount of the bid, or 880 million for the company
Cap on luxury and China
This means that the Chinese Club will continue Giscard strategy. Cap on luxury and China, and ended the era of the Bronzed and French middle classes:
There is no future for today’s mid-range specialists. Only operate low-cost or luxury, “said one adviser Giscard.
Proof of this future success? Average income of a room rises from 81.5 euros in 2/3 tridents 105.5 euros a night in the new villages, which show excellent fill rate of 68.6% annually. “We invested 1 billion euros in this upmarket over the past decade”, says Henry Giscard d’Estaing.
Andrea Bonomi will he bid? Not likely in these courses it. Italian will therefore may be happy to sell the securities accumulated since the beginning of the year to the Chinese, pocketing a nice gain passage
Claude Soula -. Nouvel Observateur
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