May 21, 2014 / 8:06 PM / in 4 years

Italy's Bonomi eyes 30 pct stake in Club Med - paper

PARIS, May 21 (Reuters) - Italian businessman Andrea Bonomi is ready to boost his stake in French holiday firm Club Mediterranee to 29.9 percent and does not rule out launching a new bid if a French-Chinese bid for Club Med fails, French daily Les Echos reported.

On Tuesday, Bonomi’s Strategic Holdings said in a regulatory filing it had become Club Mediterranee’s largest shareholder with 10.07 percent and that it would continue to raise its stake, further clouding the prospects for a long-running takeover bid for Club Med.

Bonomi’s move comes after another shareholder, Italy’s Benetton family, last week removed its support for a 557 million euro ($764 million) offer - launched a year ago - from China’s Fosun International and French private equity firm Ardian via an investment vehicle called Gaillon Invest.

Gaillon’s 17.50 euros per share offer is due to close on May 23, and needs 50 percent support.

Gaillon so far has more than 30 percent acceptances, but the offer has hit legal challenges from shareholders who want more money and is less than the current stock market value of Club Med. (Reporting by Geert De Clercq; editing by Keiron Henderson)

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