Brunei’s BMB Group plans $1-bn bid for Club Méditerranée: report
19 Jul 2010
Brunei-based investment firm BMB Group is planning to make a €800-million ($1 billion) bid for French leisure group Club Méditerranée, The Sunday Times yesterday reported.
The newspaper, citing unnamed sources close to the developments, said that three major shareholders of Club Méditerranée have given their consent to the deal, while talks with the fourth and largest shareholder, Fipar Holding, an investment arm of Caisse de Dépôt et de Gestion Group, are expected to be finalised this week.
Last month, Shanghai-based Fosun International, the largest private-owned conglomerate in China, bought a 7.1-per cent stake in Club Méditerranée for about $28.14 million, the first time a Chinese company had invested in the hospitality industry in France. (See: China's Fosun buys stake in French leisure company Club Méditerranée)
BMB Group is an investment firm that manages money for the Sultan of Brunei's family.
Founded in 1950, Club Méditerranée has operations in 40 countries through its 80 Club Med Resorts, including beach resorts and ski resorts, such as Aime la Plagne in France, Agadir in Morocco, Cancun in Mexico and Kabira in Japan.
With annual revenues of more than €1.3 billion, Club Méditerranée also operates a number of villas and the cruise ship Club Med-2 as well as offers business conferences hosting services within its resort villages.
About 1.2 million people have their vacations at Club Méditerranée resorts every year.
