by Astrid Wendlandt and Matthieu Protard and Juliette Rouillon
PARIS, Jan. 4 (Reuters) – Club Med board is expected to vote in favor of the bid consortium led by Chinese billionaire Guo Guangchang in the week after the refusal of the Italian Andrea Bonomi meet his.
The decision of the Italian businessman throwing in the towel ended the longest battle of the French stock market history, which removes the uncertainty regarding the future of French leisure group, faced with a declining demand in Europe and significant restructuring costs.
Investors hope that the new owners of the holiday villages operator will invest in the group’s upmarket strategy launched in 2004 and its development outside of Europe, particularly in China.
Guo Guangchang, whose fortune Forbes magazine estimates at $ 4.3 billion, presented the Club as an ideal investment to meet the expectations of a Chinese middle class discovers tourist travel.
Since the Financial Markets Authority (AMF) decided in mid-November to speed up the timetable for bids, the Board of Directors of the Club Med has repeatedly indicated that it would rule that the final bidding for the purchase of the company, not on successive bids.
It has to decide on the Chinese offer in the coming days, said Sunday a spokesman of the society.
For its part, the AMF must also consider the bid led by the richest businessman in China, which values the Club Med to 939 million euros, and set a timetable for the next steps if it declares its offer compliant.
DIRECTION strengthened
The latest offering from Gaillon Invest II, the investment vehicle of Fosun Property Guo Guangchang, is 24.60 euros per share, against 24.00 euros which were provided by Andrea Bonomi, who is truly entered the battle at the beginning of summer 2014.
s ‘is the eighth offer submitted at Club Med since May 2013, which values the company at more than 15 times the estimated gross operating surplus for the 2014-2015 fiscal year, against an average of 13 times for the sector. The first offer made by the Chinese group and the French fund Ardian, offered 17 euros per share Club Med.
Action Club Med finished at 25.09 euros on Friday.
Bonomi said Friday in a statement that the shares held by Club Med will either be tendered Gaillon Invest II, or sold on the market.
“We note with satisfaction the decision, “said a spokesman Gaillon Invest II over the weekend in response to the announcement of Andrea Bonomi he would not file a new escalation.
The management of Club Méditerranée, led by its CEO Henri Giscard d’Estaing, said several times his support for the supply of Chinese billionaire, which now leads investors to say that the Board should recommend the offer.
Fosun prevails in Gaillon II associated with the Chinese tour operator U-Tour, the Portuguese insurance company Fidelidade, a subsidiary of Fosun, Ardian funds and the management of the group.
Industrial Nelson Tanure with which the Club Med has to build its fourth town in Brazil, for its part, indicated that it could take a stake of up to 20% of Gaillon II capital after the closing supply
See also:.
Key dates in the Battle of Club Med (Published by Matthieu Protard)
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