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




TRADE WARS
Chinese group in bid for Club Med holidays: firms
by Staff Writers
Paris (AFP) May 27, 2013


The two main shareholders in up-market 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 22.53 percent to 16.97 euros.

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

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

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

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.

At the same time, 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.

The statement on Monday said that the proposed bid would enable shareholders to benefit from action to move the company up market, 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.

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

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 that if they obtained the support of 95.0 percent of the share votes, they would de-list Club Med from a stock exchange quotation.

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. Giscard d'Estaing owns less than 0.01 percent of the capital.

lgo/bpi/hd/jhb

CLUB MEDITERRANEE

AXA

.


Related Links
Global Trade 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








TRADE WARS
Commodity markets spooked by Bernanke, China data
London (AFP) May 24, 2013
Commodity prices mostly fell this week as traders balanced weak Chinese data against signs that the US Federal Reserve could curtail its quantitative easing stimulus policy sooner rather than later. Fed Chairman Ben Bernanke told Congress on Wednesday that the US central bank could scale back stimulus measures soon if economic conditions improved. But he said any tapering off could only ... read more


TRADE WARS
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

TRADE WARS
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

TRADE WARS
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

TRADE WARS
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

TRADE WARS
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

TRADE WARS
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

TRADE WARS
Waiting for Shenzhou 10

China launches communications satellite

On Course for Shenzhou 10

Yuanwang III, VI depart for space-tracking missions

TRADE WARS
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