Fosun, there is no question of changing partners"
This time, the war was declared for the control of Club Med. Chinese conglomerate Fosun strategic partner of the operator of holiday villages and one of the co-initiators, with the investment company Ardian, the friendly takeover in progress, expressed his opposition to the actions of man Italian Andrea Bonomi business. The latter became, last month, the largest shareholder in the club with a reported turnout of just over 10% (through its investment vehicle Stratégic Holdings). The AMF was given until June 30 to 18 hours, to clarify its intentions, the applicant or a non-OPA project against the president and founder of Fosun, Guo Guangchang, indeed its fate silence to sharply criticize the Italian businessman. In an interview with the "Echos", Guo Guangchang warns that "there is no question" Fosun to "change partners". Clearly, the Chinese conglomerate with an international dimension to its activities especially in Asia, America and Europe, is to the side and the Club and Ardian. According to a source familiar with the matter, the boss would not appreciate Fosun will Andrea Bonomi to get your hands on the club without regard to its Chinese partner. Discussions have taken place recently between the different actors and the possibility of a balanced combination was, it seems, in vain examined.
This time, the war was declared for the control of Club Med. Chinese conglomerate Fosun strategic partner of the operator of holiday villages and one of the co-initiators, with the investment company Ardian, the friendly takeover in progress, expressed his opposition to the actions of man Italian Andrea Bonomi business. The latter became, last month, the largest shareholder in the club with a reported turnout of just over 10% (through its investment vehicle Stratégic Holdings). The AMF was given until June 30 to 18 hours, to clarify its intentions, the applicant or a non-OPA project against the president and founder of Fosun, Guo Guangchang, indeed its fate silence to sharply criticize the Italian businessman. In an interview with the "Echos", Guo Guangchang warns that "there is no question" Fosun to "change partners". Clearly, the Chinese conglomerate with an international dimension to its activities especially in Asia, America and Europe, is to the side and the Club and Ardian. According to a source familiar with the matter, the boss would not appreciate Fosun will Andrea Bonomi to get your hands on the club without regard to its Chinese partner. Discussions have taken place recently between the different actors and the possibility of a balanced combination was, it seems, in vain examined.
Your draft OPA on Club Med conducted jointly with Ardian is even more weakened with the rise in the capital of Andrea Bonomi group. What, in this context, your intentions?
The involvement of different funds run by Mr. Bonomi was not registered so far in the free play offers and bids but a collection strategy with clear objective to seek to frustrate the offer Gaillon without market know his true intentions. It is reassuring on the Functioning of the Paris that the Autorité des marchés financiers has asked him to clarify his intentions and has set a deadline for its funds deposited a competing offer , failing which he would draw the conclusion that Mr. Bonomi has no alternative plan for the company. Regarding our offer, I deeply regret these delays because we lost a lot of time that could allow Club Med to develop its strategy and implementation, especially in China. We are used to operate under many different laws, and we always strictly adhered to. Offering Gaillon Invest Club Med is certainly the project that took the most time among different investments Fosun.
To what extent the presence of Club Med capital of Andrea Bonomi Group is compatible with your industrial project?
If Mr. Bonomi analyzes the Club Med are different from the strategy approved by the Board and conducted by the management, it is responsible for the public announcement. We are very pleased with our partnership in Gaillon Invest and it does not matter for us to change partners that form a perfect balance Franco-Chinese. One focus of this project is based on an ambitious strategy in Asia, particularly in China, where the active support of a recognized investor Fosun seems an important asset. Fosun Group, for four years, is a faithful shareholder of Club Med. It is also a strong partner who helped develop the brand in China. Fosun is allowing, in particular, opening June 20, 2014 a third club in China Dong'ao. We understand the model of Club Med, its history, its business, strategy. We share values, those of its GO, its French roots and we are totally committed to maintaining the Gaillon project in the interest of all the shareholders of Club Med.
Why not raise the price of your bid to break the deadlock?
It is first urgent - as the AMF has demanded - that we know once and for all the intentions of Mr. Bonomi. It is urgent - if no other bid is filed - that our offer can benefit from a rapid timetable in July. We have confidence in our project for Club Med and are confident that the offer Gaillon Invest is the best possible in terms of wealth creation to society.