UPDATE 2-Bid target Club Med hit by problems in Europe, Africa

viernes 28 de noviembre de 2014 07:10 GYT
 

* Bid target reports annual loss

* Bookings down 18.8 pct in Europe-Africa in last 8 weeks

* CFO says bid saga cost 6 mln euros, delaying projects (Adds CFO comments, shares)

By Dominique Vidalon

PARIS, Nov 28 (Reuters) - Club Mediterranee, the holiday group at the centre of France's longest running takeover saga, said weaker demand in Europe, unrest in the Middle East and Ebola fears in Africa hit bookings and helped push it to an annual loss.

The target of rival bids by Italian tycoon Andrea Bonomi and Guo Guangchang, China's richest man, vowed to pursue growth into emerging markets as European sales falter.

It also plans to push further into an upmarket sector that already accounts for 73 percent of its client base.

Bonomi has bid 874 million euros($1.1 billion) for Club Med and Guo Guangchang's Fosun vehicle has until Monday to respond.

Both sides believe that new investments and a push into new markets will revive Club Med which has a shrinking customer base and has not paid a dividend since 2000.   Continuación...