Chinese firm secures control of Club Med

Chinese firm secures control of Club Med

Chinese giant Fosun has secured control of Club Med after a long-running bidding battle.

The price offered to shareholders values the French all inclusive company at €939 million.

Fosun was left as the sole bidder after rival Italian tycoon Andrea Bonomi dropped out.

Fosun used a special investment vehicle, Gaillon Invest, to conduct its bid for the operator.

Gaillon Invest chairman Jiannong Qian said: "We can now get on with the work we started almost five years ago to support the development of Club Med in France and in fast-growing markets."

Fosun confirmed recently that Brazilian entrepreneur Nelson Tanure would become a minority shareholder in Club Med should its bid proved successful, the Financial Times reported.

Tanure, whose businesses in Brazil include oil and gas, telecoms and real estate, would help develop the brand in Latin America.


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