Kuoni says its acquisition strategy in Asia continues unchanged despite withdrawing a bid for a Chinese operator.
The Swiss-based group remains the largest shareholder in Et-china.com International Holdings with a stake of 29%. Kuoni said it “continues to participate in the growth of the Chinese market” despite pulling out of the takeover, which had been expected to be completed by the end of the year.
The operator blamed “certain legal and regulatory issues,” some relating to Et-china’s subsidiary GZL (Guangzhou Travel Service) for letting the takeover lapse.