A Chinese-backed bid to take over Club Méditerranée has fallen through after a protracted legal battle that ended when the French stock market regulator gave the go-ahead for a rival offer.
Fosun, China’s largest private conglomerate, said in a statement to the Hong Kong Stock Exchange on Thursday that it had withdrawn its bid for the French holiday group, made in conjunction with French private equity house Ardian.
The withdrawal appears to leave the path clear for Investindustrial, a private equity fund headed by Italian businessman Andrea Bonomi, to take over the group, which pioneered the all-inclusive holiday format.
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