The works council, which consists of 11 union representatives voted with 8 votes against (FO and Unsa) and 3 neutral ( CFTC and CFDT) against the Gaillon II project Fosun and its partners (AFP / File / Franko Lee)
Directors Club Med decided unanimously Monday to recommend and tender their shares to the tender offer (OPA) Gaillon II conducted by the Chinese conglomerate Fosun with partners and supported by the management of Club Med.
The board, sitting with nine members and without the four directors associated with this offer, determines that such bid is the best bid financially at 22 euros per share, “the best in the interests of the company, its employees and its shareholders” and also “more promising “for the company.
All of the directors present agreed to tender their shares to the offer, the statement said, listing in great detail all the benefits that administrators can see the offer Gaillon II .
Earlier, the works council (EC) of Club Med had given an unfavorable advisory opinion for this job, amid battle between “Chinese” camp and that of the man Italian businessman Andrea Bonomi to conquer Club Med.
Meeting in late morning, the EC, which includes 11 union representatives, voted with 8 votes against (FO and Unsa) and 3 neutral (CFTC and CFDT) against the draft Fosun and its partners, which include the French Ardian funds that would keep a (small) foot Club Med.
“The elected officials took their responsibilities”, said AFP Michel Braquet, central delegate Unsa. “For several weeks we battle for the two takeover bids are treated equally. Gently This opens the door to Bonomi,” he said.
This is certainly the first time that Such distrust is expressed internally and with the support of the majority union FO, to Fosun, became a shareholder in 2010
-. New battle of wits –
FO fears for the Employment and calls to the protagonists of the two competing offers to adopt a “social clause”.
Club Med had 12,900 full-time equivalent employees at the end of fiscal 2013 and 23,300 “present at least once “58% of jobs in the Club Med villages are seasonal contracts.
FO believes that with Chinese majority shareholders,” the level of decision-making “of the group will move to China with consequences “on the sustainability of structures based in France”
fears that Fosun has reassured in his statement to the board Monday. he reiterated in his statement he had “not the intention to transfer the decision-making center of the group outside of France “and want to maintain listing on the Paris Stock Exchange.
The offer from Chinese conglomerate and its allies, announced on September 12, added to 22 euros per share on the 21 euros offered by Andrea Bonomi and partners.
The works council, which consists of 11 union representatives voted with 8 votes against (FO and Unsa) and 3 neutral (CFTC and CFDT) against the Gaillon II project Fosun and its partners (AFP / File / Stephane of Sakutin)
It is supported by the CEO of Club Med, Henri Giscard d ‘Estaing and his right arm Michel Wolfovski and open to 400 members of the management of Club Med.
To increase its offer, Fosun has joined Ardian and a Chinese tour operator by also enter the assembly its Portuguese subsidiary insurance Fidelidade.
Behind the scenes, as in most cases of OPA, the two sides clash on the communication front.
Each had stepped into the breach last week to plead his case in a letter to the directors. Mr. Bonomi and its allies have arisen in only guarantors of the “French anchor” Club Med. An argument refuted outright by Fosun.
In separate letters to the board, which AFP has learned, the collective village leaders (comprising 49 heads of 55), the ” leadership committee “(74 frames) and 8 members of the General Management Committee (CDG) took their pens to defend supply Gaillon II presented as the most capable of maintaining the” soul “of the Club Med and ensure its development.
The Financial Markets Authority (AMF) must now give its opinion on the conformity of Gaillon II project and publish a schedule aligning the two competing tenders.
But Andrea Bonomi and its partners could outbid. Title Club Med traded Monday at 22.45 euros at closing. Some financial experts see the sign that the market is anticipating a new battle of wits.
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