By Pascale Denis
PARIS (Reuters) – China’s Fosun International <0656.HK> plans to raise its offer for Club Mediterranee on Friday to outbid Italian tycoon Andrea Bonomi, a source with knowledge of the matter said.
In what has become France’s longest takeover battle, Chinese billionaire Guo Guangchang must decide whether to counter Bonomi’s 24 euro-per-share offer, wich values the holiday group at 915 million euros ($1.12 billion).
Loss-making Club Med, which operates 66 resorts ranging from Caribbean beach villages to Alpine ski resorts, employs 23,000 people including some 4,000 in France.
Club Med and Fosun, which first offered 17 euros per share in May 2013, both declined to comment on Thursday.
But investors appeared to expect a counterbid from the Chinese conglomerate, with shares in the French company closing at 24.90 in Paris, up 42 percent since the start of the year.
France’s AMF market regulator has given Fosun until 1700 GMT on Friday to table a counterbid or throw in the towel.
($1 = 0.8140 euros)
(Writing by Laurence Frost, editing by David Evans)