Bonomi retires: the Club Med to the Chinese consortium – the Journal

Bonomi retires: the Club Med to the Chinese consortium – the Journal

The game was not worth the candle: Andrea Bonomi withdraws from contention for the Club Med and leaves the field open to Chinese Fosun, authors of the last raise. The extreme move interminable game, which began in May 2013, for the conquest of the group of French resorts, arrived yesterday evening with a press of Global Resorts, the consortium of which Investindustrial, founded by Italian, is the main shareholder . “The board – reads – has decided not to proceed with an increase in the price intending then withdraw its bid in accordance with the current legislation.” The shares of Club Med currently owned by Global Resorts will be sold or tendered competitor, or sold on the market.

On 19 December last year the Chinese Fosun, allied with the Brazilian Nelson Tanurem that take up to 20% of the vehicle Gaillon Invest II, the official proponent of the offer, have raised the bar on the giant tourist transalpine bringing the offer to EUR 24.6 (for a total valuation of 939 million), compared with 24 € put on the plate two weeks before by Bonomi. Investindustrial had until the 18th of January 7 to revive, but decided not to wait. In the vision of Global Resorts, a strategy in line with the overall development of the tourism and leisure, more focused on the markets already established by the Club Med, and at the same time addressed with the right balance to seize attractive opportunities in emerging markets , would have been the right scenario enhancement for all stakeholders.

But “Global Resorts, as the institutional investor – said Andrea Bonomi – believes that the current scenario and valuation levels do not justify further consideration the advisability of investing in Club Med. Global Resorts is pleased to reaching a higher valuation in favor of minority shareholders, and wishes the Company and its employees a prosperous future. Investindustrial and its partners will continue to invest in France and in the tourism and leisure in Europe. “

Now reopen new investment scenarios for Andrea Bonomi: among the cases, according to rumor, c ‘ Investindustrial is also one that could enter the capital of Carige, under the next increase.