Fo­sun set to raise bid for Club Mediter­ra­nee

China Daily (Canada) - - BUSINESS -

Fo­sun In­ter­na­tional, the Chi­nese con­glom­er­ate con­trolled by bil­lion­aire Guo Guangchang, will in­crease its of­fer for French hol­i­day group ClubMediter­ra­nee to out­bid Ital­ian ty­coon An­drea Bonomi, The Fi­nan­cial Times re­ported. “We are go­ing with a new of­fer,” Guo’s Brazil­ian in­vest­ment part­ner Nel­son Ta­nure told the news­pa­per, adding that Guo and his part­ners planned to list ClubMed in Hong Kong and Brazil. ClubMed is suf­fer­ing from tough com­pe­ti­tion, weak growth in Europe where it does most of its business, and a stalled at­tempt to take it­self up­mar­ket.

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