Club med stock market

Author: radegast Date: 09.07.2017

Tuesday 13 January Their rival in this struggle, Andrea Bonomi, threw in the towel on 2 January. The Italian businessman decided not to waste any further time.

He convened a meeting of the board of Global Resorts, the structure set up specifically to manage this operation. The news sparked cries of victory from the Chinese camp.

So there is no longer any risk of him sticking a spanner in the works and holding things up.

club med stock market

Bonomi took a share in the firm in March , convinced that the initial Franco-Chinese bid had undervalued Club Med and that there was scope for an advantageous deal. He gradually cornered the largest share of the company, holding These shares will now either be sold to Fosun or other investors. At first sight this adventure may seem to have ended in disappointment for the Italian financier, but in fact he did not originally intend to take control of Club Med.

Only when the AMF put pressure on him to counter the Chinese bid did he give up the idea of making do with a minority share.

In the meantime Bonomi has made a name for himself, particularly in France , and made a handsome profit.

The other shareholders, in particular investment funds, will do even better. At which point the Chinese firm will delist its French prize.

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Had Bonomi prevailed, the eldest son of the former French president would have lost his CEO job. Under Fosun ownership he will stay at the helm, rewarded with a share in the concern.

Oddly enough the outcome for the Chinese firm seems the most uncertain. It will be paying a great deal for a high-profile brand in very poor shape, even if it does own some remarkable properties.

At the same time Ebola and terrorist threats have driven holidaymakers away from some of its villages. Under these conditions how and when are Fosun and its partners, including the Brazilian businessman Nelson Tanure, going to recoup their investment?

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They plan to continue pushing the brand upmarket and streamline deployment in countries such as China. Rich Chinese are discovering the joys of vacations, venturing abroad in increasingly large numbers. Some staff at the Club Med itself are afraid that booming Chinese demand may not suffice and the new owners will make drastic cuts.

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Guo says he is in no hurry, no doubt mindful of the Chinese proverb: This article appeared in Guardian Weekly , which incorporates material from Le Monde. Please choose your username under which you would like all your comments to show up. You can only set your username once.

club med stock market

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