Considering a-OPA against the Italian businessman mobilizes a multidisciplinary team.
Calm seems to have returned to Club Med after the sensational debut of the Italian financial Andrea Bonomi in turn table and its rise to capital beyond 10%, through its investment vehicle Strategic Holdings . However, we are active around the operator of holiday villages, including the side of the Alpine businessman, who now serves as the largest shareholder.
Thus, the advice of Andrea Bonomi accessed since it opened last week, the information made available by the Club Med room so that he could prepare for a possible bid , via the entity Investindustrial Development SA. The Autorité des marchés financiers has, it is true to him, ordered or not to file, no later than June 30, against a- OPA that during the Franco-Chinese duo Ardian-Fosun, supported by management. Failure to meet this deadline, Investindustrial Development may not make an offer for six months.
To investigate the matter carefully, in addition to investment bank Lazard, Andrea Bonomi appealed to firms KPMG and McKinsey, the real estate specialist CBRE, lawyers Cleary Gottlieb, insurer Willis, and asked Havas Media.
In parallel, the fund manager Polygon Global Partners, which had crossed the threshold of 5% of the capital in March, continues to strengthen its position. It has increased its stake to 6.23% on June 5, in view of trades reported by the AMF . What compromise a little more OPA duo Ardian-Fosun, which is at least 50.01% of the capital, especially as the price of Club Med is clearly remains above the price of 17.50 euros per action. Monday, the title was worth 19.65, up 13% since the beginning of the year.
Chinese new villages
The fate of Club Méditerranée is marked by uncertainty, as it continues its expansion in China. The Club, which wants to make its second largest market after France in 2015 and plans to do the operation of five villages and inaugurate on June 20 the third and the first seaside vocation within a management contract, he took a resort on the island of Dong'ao, located southeast of the country. Initially only be exploited its part 5 Trident - the top Club Med - the 4-Trident village opening on November 1. The realization of this project owes much to the interpersonal Fosun China. As such, it is hard to imagine Andrea Bonomi launch an assault on the Club Med without the blessing of his great partner.
In this context, where the cards are reshuffled, one can also wonder about the strategic nature of the club Ardian, the position of shareholder - with Fosun - is seriously undermined. At least offer a bid, previously denied, the investment company will have to deal with the new strong Italian man, unless disengagement cheap. Former AXA Private Equity , which was installed at the Club Med in late July 2011, when exceeding the threshold of 5% of the capital, might be tempted today to highlight its commitment. Within three years, the stock has increased by more than 25%, the increase is almost 14% since the beginning of the year.