Fosun raises bid price for control of Club Med
Print Edition
CHINA’S Fosun has sweetened its bid to win control of French holiday group Club Med, coming in higher than a rival offer from an Italian businessman, sources said yesterday.
Fosun, which has brought Brazilian investor Nelson Tanure on board as a minority partner, is upping its bid 50 cents a share to 23.50 euros (US$29.32), above the latest 23-euro-per-share offer made by Italian businessman Andrea Bonomi.
Fosun and Bonomi are locked in a bidding war for Club Med, whose board in early October approved the earlier Fosun offer as “more with the interests of the company.”
The improved Fosun offer was being lodged yesterday with French stock market regulators, just hours ahead of a deadline for that to be done.
Speculation the offer could still rise lifted Club Med’s price to 24 euros in late morning trading yesterday in Paris.
Club Med is now looking for further expansion, including in China where it has been a partner with Fosun.
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