United Kingdom
United States
Asia Pacific
Battle for Club Med heats up
A group of firms led by China’s Foshun has posted a last-minute counterbid for French resort operator Club Med valuing the company at $1.1 billion.
It bid 1 euro per share more than the original offer by Italian tycoon Andrea Bonomi and is the fourth attempt by Foshun to acquire the company in recent months.
French regulators had set a deadline of today for any opposing bids.
"We are presenting the highest offer and the best liquidity for all the company’s shareholders," said Jiannong Qian, of Gaillon Invest II affiliate of the Fosun group.
"The offer is based on a long-term industrial plan, it is in line with Club Med’s strategy and is supported by the management."
Fosun has gradually increased its shareholding to just under 10% and has been working with Club Med management to lure more Chinese customers to its resorts.
Related News Stories:
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
Kittipong Prapattong’s Plan for Thailand’s Tourism Growth: Taxes, Visas, and Campaigns
James Jin: Didatravel’s Journey from China to Global Reach and the Impact of AI on Travel
Darien Schaefer on Pensacola’s Evolution: From Small Town to Global Destination
Florida Tourism’s Next Frontier: Dana Young on Expanding Beyond the Classics
Patrick Harrison on Tampa Bay Tourism’s Resilience and Marketing Strategy
Bubba O’Keefe on Clarksdale’s Vibrant Music Scene
Commemorating Elvis and Embracing Tupelo’s Culture with Jennie Bradford Curlee
Craig Ray and the Expansion of the Blues Trail
Presenting Mississippi’s Cultural Trails with Katie Coats
Robert Terrell: A Journey Through BB King’s Influence
Rochelle Hicks: Celebrating Mississippi’s Musical Legacy
Exploring Jacksonville with Katie Mitura: The Flip Side of Florida
Dozens fall ill in P&O Cruises ship outbreak
Turkish Airlines flight in emergency landing after pilot dies
Boy falls to death on cruise ship
Unexpected wave rocks cruise ship
Storm Lilian travel chaos as bank holiday flights cancelled