Club Med board approves improved offer from AXA and Fosun


euro8_170sqClub Mediterranee’s board has accepted a sweetened bid of €17.50 per share from private equity firm AXA and Chinese conglomerate Fosun International.

AXA and Fosun, which collectively hold a 19.33 per cent stake in the business, previously offered €17 per share for the French resort operator, valuing it at €556m.

Some of Club Med’s shareholders including Saudi Arabia’s Rolaco, Caisse de Depot et de Gestion du Maroc and Edizione Benetton have already accepted the offer, which was recommended by the board.

The two firms said they would look to accelerate Club Med’s development strategy in emerging markets and strengthen its position in mature markets such as Europe. They will hold stakes of 46 per cent each and the balance will be owned by Club Med managers.

Earlier this week AXA agreed to sell its majority stake in France’s Outremer Telecom to multinational cable and telecommunications company Altice.

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