A joint €550m bid to buy out Club Méditerranée is facing disruption after France’s market authority extended the takeover period indefinitely while two groups of minority shareholders fight the proposed deal in the courts.
AMF, the regulator, said it was extending until further notice the period for the bid, which had been due to close on August 30.
Fosun, China’s largest private conglomerate, and Paris-based Axa Private Equity, which already own 19.3 per cent of Club Med shares, won the backing of the holiday company’s board at the end of June for their offer to buy out the rest of the group.
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