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Paris - Chinese conglomerate Fosun zeroed in on its 18-month quest to buy French holiday resorts group Club Med after Italian businessman Andrea Bonomi refused to raise his latest offer.
Fosun looked assured to win what became the longest bidding war in Paris Bourse history when Bonomi's Global Resorts company announced a few days ago that it would not better the €24.60 per share price the Chinese group tabled for Club Med on 19 December.
That offer, which topped Global Resort's last bid of €24 per share, values Club Med at €939m, which represented too much in Bonomi's view.
Emerging economies
Bonomi's decision clears the way for Fosun and its Chinese, Brazilian, Portuguese and French partners to move ahead with final acquisition of the famous French holiday group.
After weathering rough business seas over the past decade, Club Med improved its financial health by targeting higher-end clients, particularly among wealthier sections of emerging economies.
According to Club Med figures released in December, for example, 80% of the 25 000 new clients the group attracted in 2013 were Chinese or Brazilian.
Fosun - with whom Club Med has worked in expanding its activities in China - has said it wants guide that continued expansion into new markets.
Net loss
But Fosun has also stressed it wants to "continue to invest in France, Club Med's leading market, to continue to win new parts of the market and outperform its competitors."
Fosun's looming bid victory does not come without some risks, however.
Despite its recently improving financial fortunes under its recalibrated business strategy, Club Med is reportedly set to reveal a net loss of €12m in 2014 on turnover of €1.38bn.
