The Chinese conglomerate Fosun tabled an €839m (£66m) bid for Club Méditerranée on Friday, in an 11th- hour attempt to derail a takeover of the struggling French holiday group by the Italian tycoon Andrea Bonomi.
Under Fosun’s proposal, the Club Med chief executive Henri Giscard d’Estaing – the son of the former French president – would remain with the group as chairman. Its bid is also backed by Ardian, the French private equity firm formerly owned by the insurance giant Axa.
Fosun’s €22-a-share offer is €1 higher than Mr Bonomi’s, which itself trumped an earlier offer from Fosun and Ardian for Club Med in July.
The Bonomi offer is backed by the South African hotel developer Sol Kerzner and Brazil’s GP Investments, prompting fears in France that foreigners would be taking over a French holiday institution. In response, Mr Bonomi, who is known for turning round companies such as the motorcycle maker Ducati, announced that Serge Trigano, the son of Club Med’s founder, was backing the offer and would chair the company if he succeeded.
Fosun, which is looking to move the holiday clubs upmarket and expand into China , has promised to keep Club Med listed on the French bourse and the HQ in Paris.Reuse content