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    Italian tycoon offers 790 million euros for Club Med

    euronews (in English)

    by euronews (in English)

    The son of the founder of resort chain Club Med has told a weekly newspaper that he was in favour of a takeover offer for the business by an Italian tycoon.

    Andrea Bonomi’s Investindustrial fund, which is the largest shareholder in Club Med, has offered 21 euros per share. This values the chain at 790 million euros.

    This offer far exceeds the 557 million euros China’s Fosun International and French private equity group Ardian were prepared to pay. Shareholders had claimed the price was too low.

    Bonomi’s offer now needs to be accepted by staff representatives, shareholders and the French government.