PARIS, July 6 French state-owned bank Caisse des
Depots (CDC) on Sunday said it was not mulling a counter bid for
French resort operator Club Mediterranee in which it
was a shareholder.
The CDC reacted to Le Journal du Dimanche's report which
said the bank was preparing a rival offer, prodded by Club Med's
Chief Executive Henri Giscard d'Estaing to find a solution to
ensure the holiday company remained in French hands.
"The Caisse des Depots would like to make clear that while,
as a shareholder, it follows closely the potential evolution of
the company's shareholder capital stemming from two public
offers for its capital, no plan to take part in an offer is
being reviewed," the CDC said in a statement.
Without citing sources, the French paper wrote the CDC "was
mulling a deal to preserve its tricolour roots" and the "idea
would be to organise a counter bid with the Caisse, whose stake
amounts to 8 percent when including convertible bonds."
Club Med was not immediately available for comment.
Club Med on Monday received a takeover offer from top
shareholder Andrea Bonomi which valued it at 790 million euros
($1.1 billion) and fuelled hopes of a bidding war for control of
the 64-year-old all-inclusive holiday pioneer.
On Tuesday, Club Med's board said it would review the offer
which trumped a rival 557-million-euro bid from French private
equity firm Ardian and Chinese conglomerate Fosun International
D'Estaing played the national champion card on Friday in
the battle for control of Club Med, saying a sale to Italian
tycoon Andrea Bonomi would hand control to foreign investors.
Under an indicative calendar provided by Bonomi to French
AMF stock market regulator, his offer would start on Aug. 7 and
run until Sept. 11.
(Reporting by Astrid Wendlandt, editing by Louise Heavens)