Sultan of Brunei targets Club Med

BMB Group, the investment group that controls funds on behalf of the family of the Sultan of Brunei, has denied reports that it is closing in on a deal to holiday group, Club Med.

The comments come after reports that the group was set to make an offer for the Paris-listed group. It had been suggested that a £676m deal was close to being struck, but this was today denied by BMB

Club Med has struggled during the recession, but has recently expanded beyond Europe into China. The company currently has 80 resorts in more than 40 countries.