(Adds confirmation from Fosun, Bonomi no comment)
PARIS, Nov 21 (Reuters) - Chinese conglomerate Fosun said on Friday it was in talks with Brazilian investor Nelson Tanure about a possible joint bid for Club Med, the latest twist in a long-running battle for the holiday resort company.
The Financial Times, which first reported the negotiations, said Tanure was prepared to invest about $90 million through his Costa do Pero real estate investment company.
The takeover battle for Club Mediterranee, which has been hit by the weak economy in its core European market and a stalled attempt to move upmarket, dates back to May 2013.
Fosun owner Guo Guangchang, China’s richest man, bid 22 euros per share for Club Med in September but that was trumped on Nov. 11 by Italian tycoon Andrea Bonomi, who offered 23 euros a share valuing the company at 874 million euros ($1 billion).
Under French takeover rules, Fosun has until Dec. 1 to improve his previous offer. Fosun confirmed talks with Tanure were ongoing, but said no decision had been made. An agreement between the two parties could be reached by the end of next week, a source close to Fosun told Reuters.
Club Med shares, which have gained 35 percent so far this year, rose 1.4 percent to 23.90 euros on Friday.
Tanure, who operates in real estate, telecoms and oil and gas in Brazil, could not be immediately reached for comment.
Were Tanure to join with Fosun, he would become a minority partner in Fosun’s Gaillon Invest II investment vehicle.
Tanure criticised Bonomi’s takeover plan, that includes U.S. private equity fund KKR & Co, saying their interests were short term.
“I am afraid that the fantastic Club Med brand will not be in the right hands,” he told the Financial Times. Tanure criticised Bonomi’s plans to lower Club Med’s prices instead of making resorts more upmarket, which Fosun wants to do.
A spokesman for Bonomi declined to comment on Friday.
$1 = 0.8047 euro Reporting by Dominique Vidalon and Matthieu Protard; writing by Alexandria Sage; editing by David Clarke