|Fosun tycoon Guo to wrap up Club Med deal
The European Commission cleared the takeover of upmarket holiday group Club Mediterranee by Hong Kong-listed Fosun International (00656) controlled by Chinese billionaire Guo Guangchang and its French shareholders.
Fosun is also involved in real estate, asset management, mining, insurance, and pharmaceuticals. Subsidiary Fosun Pharma is also listed on the Hong Kong main board.
The EC said the takeover would not impact the travel agency and services market and so did “not raise competition concerns.''
In June, Fosun International and AXA Private Equity raised their bid to win full control of Club Mediterranee to some 550 million euros, winning board approval for the deal.
Small investors have been hostile to the offer for Club Med, as the company is known, amid some concerns about a Chinese company having a major say in its future.
Earlier this month, the Paris stock market authorities said the bid, which was due to close on August 30, would be extended indefinitely, pending a ruling on a legal challenge to the deal by several small shareholders.
Fosun, which became a shareholder in 2010, was the biggest single shareholder with 9.96 percent while AXA PE held 9.4 percent.—AFP/The Standard