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French regulator clears China's Fosun bid for Club Med
January 22, 2015 / 1:56 PM / 3 years ago

French regulator clears China's Fosun bid for Club Med

PARIS, Jan 22 (Reuters) - The French AMF market regulator on Thursday cleared Chinese conglomerate Fosun’s bid for holiday group Club Mediterranee and said the offer would close on Feb.9.

Fosun’s Gaillon Invest II vehicle’s 24.60 euros a share offer is the last standing after Italian tycoon Andrea Bonomi dropped out earlier this month of the longest-running bid battle in recent French corporate history.

Fosun, led by Chinese billionaire Guo Guangchang, on Dec. 19 offered 0.60 euros per share more than Bonomi’s last bid in what was the eighth offer for Club Med since May 2013, when Guo first offered 17 euros.

Last week, the board of Club Med recommended shareholders accepted Fosun’s offer.

Reporting by Dominique Vidalon, editing by Astrid Wendlandt

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