A wealthy Brazilian investor has joined the battle for French all-inclusive holiday group Club Med.
Nelson Tanure, who made his fortune in oil, gas and property in Brazil, said that he was joining a bid by Chinese billionaire, Guo Guangchang, for the resort company, the Times reported.
Fosun, Guangchang’s Shanghai-based conglomerate, announced an €897 million offer based on a price of €23.50 a share, further extending what is now the most drawn-out takeover battle in French history.
Tanure will take up to 20% through his conglomerate Docas Investimentos, with Ardian, Fosun’s French private equity partner, having a “symbolic” holding, according to a statement from Gaillon Invest, the special-purpose vehicle set up by the Chinese investor.
Tanure said last month that he was prepared to invest about $90 million in Club Med.
Guangchang, who kicked off the bidding more than 18 months ago, is fighting for control of Club Med with Italian billionaire Andrea Bonomi, whose latest offer of €23 a share valued it at €874 million.
Bonomi, who has stakes in Aston Martin and PortAventura theme park in Spain, is backed by private equity group KKR, Sol Kerzner, the South African gaming tycoon, and Serge Trigano, son of the founder.
The French Financial Market Authority gave him until December 17 to make another attempt to outbid his rival.
Guangchang’s offer has the support of Henri Giscard d’Estaing, Club Med’s chief executive.
Both want to continue to take the all-inclusive holiday provider upmarket and to expand in China and Latin America.
However, Bonomi wants Club Med to return to its roots, when it offered ordinary French families a chance to enjoy holidays in exotic locations.