Fosun won't rule out Club Med return, to retain its stake - executives
Fosun International Limited, will keep a close watch on France's Club Mediterranee [EPA CU], and does not rule out the possibility of coming back to the fray, Vice Chairman Liang Xinjun said.
"The withdrawal of our first tender offer to take over Club Med doesn't mean we have given up on Club Med," Chairman Guo Guangchang added. Fosun will also retain its stake in Club Med, he said, even as reports state that Ardian, its French partner for its failed bid, will accept rival bidder Andrea Bonomi's takeover offer.
Fosun and Ardian announced last 14 August that they have withdrawn their USD 746m offer for Club Med, after French regulators allowed the USD 1bn rival bid. Fosun and Ardian each have 9% in Club Med.
Given its relationship with Club Med and the resort chain's robust growth in China, Fosun is confident that Club Med could develop even further under the umbrella of Fosun Group, Liang said.
Bonomi's Investindustrial has offered EUR 21 (USD 28.14) a share for all the shares of Club Med, while Fosun and Ardian, through their joint venture Gaillon Invest, had offered EUR 17.50 euros each.
Fosun and Ardian did not rule out "exploring any potential options which would serve Fosun's and Club Med's best interests," Fosun said in a filing to the Hong Kong Stock Exchange on 14 August.
by Ling Ya