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Fosun chairman rules out changing partners for Club Med bid

27 Jun 2014

beachChinese conglomerate Fosun said it is not interested in partnering with any other party except French private equity firm Ardian to make an offer for holiday company Club Med.

Fosun chairman Guo Guangchang said in an interview with French newspaper Les Echoes that the €557m bid made by the conglomerate and Ardian is the best possible offer for Club Med.

He said that changing partners is “out of question” and Fosun’s support will help the company expand in China.

The bid has been opposed by Italian tycoon Andrea Bonomi, whose funds have recently raised their interest in Club Med.

Club Med accepted a sweetened bid of €17.50 per share from Ardian, which was then known as Axa, and Fosun in June last year.

French regulators have told Bonomi that he’ll be barred from making an offer for the company if he doesn’t clarify his position by the end of the month. Bonomi is currently challenging that decision in a Paris court.

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