PARIS May 12 An investment fund led by Italian
businessman Andrea Bonomi has boosted its stake in French
holidays company Club Mediterranee and stands ready to
increase it further, casting more doubt on a much-delayed
Bonomi's Strategic Holdings will not support the
longstanding offer from China's Fosun International
and French private equity firm Ardian, the fund said in a
statement to French markets regulator AMF.
"Strategic Holdings confirms that at the close of May 12, it
has acquired a 7.2 percent stake in Club Med," a spokesman said.
"It intends to continue acquiring additional shares under
The Fosun-Ardian takeover offer via the bid vehicle Gallion
Invest is set to close on May 23 after a French court rejected
on April 29 a shareholder challenge that had delayed it for
almost a year.
The shareholders, led by the Association for the Defence of
Minority Shareholders (ADAM) and Charity Investment Asset
Management (CIAM), challenged the offer on the basis that it was
Fosun and Ardian, formerly Axa Private Equity, initially
planned on offering 17 euros a share, but revised their offer to
17.50 euros in June 2013. Club Med shares now stand well above
the improved offer price, at 18.8 euros at the close on Monday.
Bonomi's Strategic Holdings does not have a specific target
for its holding in Club Mediterranee, the spokesman said.
(Reporting by Andrew Callus and Cyril Altmeyer; Editing by
Ingrid Melander and David Evans)