TWO main shareholders earlier this week unveiled intentions to make an offer for Club Med as the Paris-based resort operator shifts its development focus to emerging markets.
AXA Private Equity and Fosun hold 9.4 per cent and 10 per cent of Club Med respectively, according to Reuters, which also reported that under the deal, control of Club Med would be conducted through a joint venture company.
In this new joint venture, Fosun and AXA would each hold 46 per cent and 400 Club Med managers, the remaining eight per cent.
A joint press release from the two main shareholders said that in view of the difficult tourism market in Europe, it was “necessary” to speed up development in emerging countries and strengthen market shares in mature markets.
A Bloomberg report stated that Club Med CEO, Henri Giscard D’Estaing, is planning to more than double the resort operator’s customers in China within the next three years.
