Fosun and partners purchase Club Med after nearly 2 years
Print Edition
CHINESE conglomerate Fosun and its partners have snapped up 92.8 percent of French holiday resorts group Club Med, closing out a takeover saga that lasted nearly two years.
The provisional results announced by France’s Financial Markets Authority easily surpassed the 50 percent needed for the public share offering to be considered a success.
However, it was less than the 95 percent required to force remaining shareholders to sell, and a new public offer should be announced in the coming days for the remaining shares.
Fosun offered 24.60 euros per share, which values the famous French vacation villages group at around 939 million euros (US$1.07 billion)
Fosun — which has worked with Club Med in expanding its activities in China — fought a long bidding war against Italian businessman Andrea Bonomi’s Global Resorts.
The takeover battle, which began in May 2013, was the longest in the history of the Paris Bourse.
The Gaillon Invest II investment vehicle that bought Club Med is 91 percent owned by Fosun, with the balance held by French investment firm Ardian and the management of Club Med.
The head of Gaillon Invest II, Jiannong Qiang, welcomed the success of the offer, saying “it brings to a close a period of uncertainty” for Club Med.
He said the investors would support the company’s strategy to develop both in France and in emerging markets.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
