Subscribe free to our newsletters via your
. Space Travel News .




SPACE TRAVEL
Chinese group bids for Club Med holidays: firms
by Staff Writers
Paris (AFP) May 27, 2013


The two main shareholders in upmarket holiday group Club Mediterranee, including a Chinese firm, said on Monday that they would make a bid for the company, driving Club Med shares up over 20 percent.

The two bidding companies, AXA Private Equity and Chinese conglomerate Fosun, said that their bid would be friendly and involved top Club Med managers.

The bid would be pitched at 17.0 euros per share, representing a premium of 28.4 percent on the average share price over a month, the two bidders said in a statement.

The company's shares shot up over 22 percent to 16.96 euros in late afternoon trading.

The terms value the holiday company at about 540.6 million euros ($700 million).

This offer is "a chance for the Club, it will give it time to achieve its transformation," said chief executive Henri Giscard d'Estaing at a news conference.

Club Med has been through difficult times and a refocusing of its strategy, and the financial outlook for the business now looks strong despite a depressed economic climate in Europe.

Club Med reported a 7.1-percent rise in net profit for the first six months of its financial year to 18.0 million euros and said that the level of bookings for the holiday season in Europe was higher than at the same time last year.

In 2012, Club Med made a net profit of 2.0 million euros, and its operating margin was unchanged.

Despite a more stable financial performance, clouding the company's prospects are the "strong and likely long-lasting drop in the French market" which currently accounts for three quarters of clients, said Giscard d'Estaing.

The statement on Monday said that the proposed bid would enable shareholders to benefit from action to move the company further upmarket, and would enable the business to enter a new phase of development.

This would mean speeding up the strategy for developing the business in emerging markets and for strengthening its position in mature markets, which would involve the opening of new holiday villages.

Giscard d'Estaing said the company aimed to increase the ratio of clients from developing markets from a quarter to one third.

The Club Med board said that it noted that the bid was friendly but that it would give its assessment of the offer next month.

AXA PE and Fosun said that if their bid succeeded, Henri Giscard d'Estaing would remain chief executive and Michel Wolfovski would remain general manager.

The shareholdings held by the two bidders and Giscard d'Estaing account for about 19.33 percent of the capital and 24.87 percent of the voting rights.

AXA PE and Fosun said they would consider the offer a success if they received 50.1 percent of shares and that if they obtained the support of 95.0 percent of the share votes, they would de-list Club Med from the stock exchange.

Fosun is the biggest single shareholder in Club Med, having become a shareholder in 2010 and owning 9.96 percent of the equity and 8.48 percent of voting rights. AXA PE owns 9.4 percent of the equity and 16.48 percent of the votes.

If the offer succeeds, AXA and Fosun intend to hold equal stakes, with French shareholders holding a majority of the company, at least for the medium-term.

lgo/rl/ric

CLUB MEDITERRANEE

AXA

.


Related Links
Space Tourism, Space Transport and Space Exploration News






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News





SPACE TRAVEL
Trip into space with DiCaprio costs $1.55m
Cannes, France (AFP) May 24, 2013
Leonardo DiCaprio is going to get closer to stars of a different kind as he heads into space aboard the Virgin Galactic, and a well-heeled bidder at the Cannes Film Festival has paid 1.2 million euros (1.5 million) to be his travel buddy. The Holywood star's sub-orbital trip was among 20 goodies up for grabs at the 20th amfAR bash, a gala auction that is one of the glitziest festival events ... read more


SPACE TRAVEL
Russian Spacecraft Manufacturer to Make Four Launches in 2014

Electric Propulsion

O3b Networks Launcher and payload integration are underway at Kourou

Arianespace underscores strong partnership with Japan during Tokyo meetings

SPACE TRAVEL
Opportunity Departing 'Cape York'

Bacterium from Canadian High Arctic and life on Mars

Curiosity Drills Second Rock Target

Mars Rover Opportunity Examines Clay Clues in Rock

SPACE TRAVEL
Moon being pushed away from Earth faster than ever

Bright Explosion on the Moon

NASA says meteor impact on the moon glowed like a star

Where on Earth did the moon's water come from

SPACE TRAVEL
Planning Accelerates For Pluto Encounter

'Vulcan' wins Pluto moon name vote

Public to vote on names for Pluto moons

The PI's Perspective: The Seven-Year Itch

SPACE TRAVEL
Critical Kepler Reaction Wheel Fails: Mission End In Sight

Sifting Through the Atmosphere's of Far-Off Worlds

New Method of Finding Planets Scores its First Discovery

Team Takes Part in Discovering New Planet

SPACE TRAVEL
Girl expelled from school for exploding experiment going to space camp

New method for producing clean hydrogen

Adapter 'Flips' for Progress Toward 2014 Exploration Flight Test

ATK Hoping Tp Clean Up Rocketscience

SPACE TRAVEL
Waiting for Shenzhou 10

China launches communications satellite

On Course for Shenzhou 10

Yuanwang III, VI depart for space-tracking missions

SPACE TRAVEL
Asteroid Sample Return Mission Moves into Development

Asteroid 1998 QE2 To Sail Past Earth Nine Times Larger Than Cruise Ship

NASA's Asteroid Sample Return Mission Moves into Development

Dawn On Route From Vesta to Ceres




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement