Acquisition of Club Med: Chinese Fosun only candidate
The Chinese conglomerate Fosun will be able to seize the Club Méditerranée. The Italian businessman Andrea Bonomi threw in the towel on Friday. He gives up bid for the umpteenth time in Homeric battle for redemption of the French group of resorts.
On December 19, the Chinese conglomerate Fosun and Sino-Brazilian-French-Portuguese partners had identified a offer them again in the French company, offering € 24.60 per share, against € 24 previously offered by the Bonomi team. An offer that values the company at € 939 million.
But this time, auctions do not go up above. Because “after having carefully analyzed the situation of the public offer for the shares of Club Méditerranée SA and, in particular, valuation levels achieved for the company, the board of directors of Global Resorts SAS (note: a company Andrea Bonomi) decided not to bid, and therefore intends to withdraw its offer, “Bonomi camp announced in a statement.
Italian businessman puts and end the longest takeover in the history of the Paris on a Friday night in the hollow New Year of the bridge. And he justifies his choice by financial reasons, Global Resorts saying that “the current situation and valuations can no longer assume that the Club Med is an investment opportunity. “
Fosun, meanwhile,” welcomes this decision, “said a portfolio word.
Fosun placed on the development in China
Now it is the team led by the Chinese Fosun that way free Global Resorts even offering to give them the 18.9% stake in Club Med held. Fosun held so far 18.25% of the French group. “The shares held by Club Med Global Resorts will be tendered Gaillon Invest II or sold on …
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