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Caisse des Depots not interested in taking over Club Med

7 Jul 2014

palmsFrench state-owned bank Caisse des Depots (CDC) has denied speculation that it is considering a bid for holiday company Club Med, which has received offers from private equity suitors.

French newspaper Le Journal du Dimanche had reported that CDC was preparing to make a counter-offer for Club Med. It said that Club Med CEO Henri Giscard d’Estaing wanted the company to be controlled by French owners.

CDC currently holds an eight per cent stake in Club Med including convertible bonds.

“The Caisse des Depots would like to make clear that while, as a shareholder, it follows closely the potential evolution of the company’s shareholder capital stemming from two public offers for its capital, no plan to take part in an offer is being reviewed,”said CDC, according to reuters.

Last week Italian tycoon Andrea Bonomi made an offer of €21 per share and €21.41 per convertible bond for Club Med, valuing the business at €790m.

The offer topped a sweetened €17.50 per share bid made by French private equity firm Ardian and Chinese conglomerate Fosun.

In June Fosun chairman Guo Guangchang said its €557m bid was the best possible offer for Club Med and the Chinese group was not interested in partnering with any other party besides Ardian.

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