Andrea Bonomi is ready to go up 29.9% stake in Club Med
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The Italian entrepreneur is ready to conduct the first "hostile" in his career operation.
Ten years after the release of the Agnelli family stake in Club Med, the Italian businessman Andrea Bonomi, forty-nine years, is ready for the challenge. With its own tactics and his own style, which he rather successful so far.
Following his declaration of crossing the 10% threshold in the Club Med, the founder of Strategic Holdings continues its line of "nibbling" with a primary stated objective: to defeat the friendly takeover bid launched it a year ago by the conglomerate Fosun with Chinese investment company Ardian (ex-Axa Private Equity ) through Gaillon Invest, which he considers the price "ridiculous" (17.50 euros per share). Even though it is reported to the AMF that its Strategic Holdings Luxembourg company has "no intention of taking control of Club Med", sources familiar with the matter, the Bonomi family does not exclude to launch a improved through another of its affiliates, in the event of failure provides said supply Gaillon Invest.
"Fortunately the Minister Arnaud Montebourg not inserted as tourism in the long list of sectors considered strategic for the country," quipped yesterday the newspaper "Il Sole 24 Ore". A 17.50 euros per share, less than 6 times the Ebitda of Club Med, the heir to a dynasty Milanese industrialists and investors, who divides his time between London, Lugano and Milan, judge offers Gaillon (€ 558 million) largely undervalued. For him, the right price is rather somewhere between 21 and 25 euros, 650 million euros. Especially, the supply of Gaillon is analyzed as a "disguised acquisition by the Chinese." Hence the "almost hostile" operation where the family took the position that the Board of Club Med "should have taken."
If proven failure of supply-Fosun Ardian, the Italian businessman considering two possible ways to participate in the revival of the Club Med is a delisting or the launch of a tender offer improved through another group company. Having already taken and "revived" successfully Ducati, Aston Martin, Avincis, through its private equity investment Investindustrial, the founder of BI Invest could occur through this strong arm specializes in the recovery of S corporations unlisted. " it must restore order in society, he is willing to go up to 29.9%, "said his entourage. To this end, he already has a bank credit line of € 60 million. Officially, the Luxembourg company Strategic Holdings (controlled by the holding BI-Invest Andrea Bonomi) did not intend to "change the strategy of Club Med." But she does not hide his doubts about the current management. The Bonomi family believes in particular that the potential of the Spanish market has been largely underestimated.
With the resumption of amusement parks Gardaland in Italy in 2005 and the Port Aventura with Caixa in Spain Investindustrial estimated benefit of some experience in this area. Upon successful completion of the takeover of the tandem-Fosun Ardian, the Bonomi family intends to pull its weight "big shareholder" sustainable.