The battle for control of Club Med is launched
Andrea Bonomi Italian financier should file an offer today on the group to counter the project management, Ardian and Fosun. GO Club Med gave their support to the CEO Henri Giscard d'Estaing.
All the elements of a good fight are in place. Summoned by the Autorité des marchés financiers ( AMF ) to clarify its intentions vis-à-vis the Club Med , Andrea Bonomi will have to kill his game this Monday, June 30, at the latest 18 hours . And a source close to the case, the Italian financier would indeed intend to make an offer on the famous tourism business. And he would get in direct competition with the proposal, approved last year by the Board of Club Med, one launched by the investment fund joint bid Ardian (ex-Axa Private Equity) and the Chinese group Fosun . Another hypothesis: Italian could procrastinate and rely on the failure of the existing offer, for, perhaps, get back in the race later. None of the players did not want to comment Sunday.
Behind the scenes in recent days led to intense activity. Andrea Bonomi, a real estate heir and Italian industrial dynasty, formed in the United States and in London and the Lazard school, clearly argued his case in Paris. Objective: to convince, and find financial partners. It would have also tried, unsuccessfully, to rally Ardian.
According to our information, no industrialist tourism would be associated with the project. Its funds are the rest traditionally fueled by private equity investors and by "family offices" international. The founder of Investindustrial, which is illustrated by the past by back in the saddle beautiful brands like Ducati or Aston Martin , would argue the potential of Club Med, a globally known name.
According to the Italian, Ardian and Fosun do not pay a fair price: the last ten years, the shareholders of Club Med finance the upgrading of the company, the results regularly affected by crises that destabilize chronically tourism world, struggling to take off.
Henri Giscard d'Estaing at the Elysee
The side of Club Med, and tandem-Ardian Fosun met in Gaillon holding the voltage is raised a notch these days. Henri Giscard d'Estaing , CEO of the group, fiercely defends the Franco- Chinese for his business and fears a hostile bid from the Italian. A view he expressed particular to Ministers Laurent Fabius and Fleur Pellerin, but also to the Elysee. Employees are called in reinforcements. Executive Club insists on both the maintenance of French anchor club, with Ardian, and the prospects of conquering Chinese customers through Fosun.
At this point, the State, which is illustrated by its massive intervention in the folder Alstom particular, remained silent in the case of Club Med. But a well-informed source says he is very attentive to this issue so emblematic. With a red line not to be crossed for potential buyers of the group: the presence of holiday villages in France. Public power is also involved through the Caisse des Dépôts , a shareholder of the club.
Failing to be treated at this stage at the political level, the case involves the first line AMF. Club Med folder is indeed long months since mine trouble. It's been over a year and Fosun qu'Ardian formulated their offer, which also involves the management of the group and values the company around 560 million euros (17.50 euros per share). But this project formalized May 30, 2013 was challenged by minority shareholders in court, which put a lot of time to take it. It was not until late April 2014 that the horizon is clear!
Collection of tracks from mid-March
A period of uncertainty exploited by Andrea Bonomi, who began collecting titles in mid-March. Result: When the judicial mortgage on the OPA has been lifted, the share price had settled over 17.50 euros. Italian financier then announced that it had acquired 10% stake in the club, staying in the ambiguity about his intentions. This is AMF who then forced to reveal his cards under five weeks, no later than that on June 30 A summons to end the rumors. And if Bonomi, who, meanwhile, had access to the accounts of the Club Med does not file any offer will be engaged for six months. The Italian remains the challenged this decision by referring to which justice will look Friday. But interim or not, the AMF is a response Monday. If the move was delayed, it failed.
If the Italian financial deposits indeed an offer, the AMF will organize the schedule comparison of the two proposals on the market. Ardian and Fosun will if necessary to match proposed by Andrea Bonomi or bid price. Bonomi his side might try to make his proposal a friendly offer, that is to say that the board approve. A turnaround that seems unlikely at this stage though.
GO support Henri Giscard d'Estaing
Patron Club Med since 2002, Henri Giscard d'Estaing mobilizes its troops. Faced with the prospect of a "hostile takeover" by Andrea Bonomi, the Club decided to go to the front. Village leaders gathered in Pompadour, Correze, last Friday and sent to the board of the group a letter expressing their concerns and supports Ardian-Fosun project. This project was launched "on a clear internationalization strategy, long-term profitability and also an opportunity for us all to participate financially," they write. They add that they bring their "support to all initiatives that could be taken by the management to the forefront which our president Henri Giscard d'Estaing, we consider our best and our best ambassador GO". Village leaders are not the only ones to express themselves. Thursday on LCI, Jean-Claude Mailly , head of FO (first union in the company) has moved the risk of a "hostile takeover, share an Italian investor who is a raider."