Club Med Says Fosun Offer Good for Growth, Luxury Image

Club Mediterranee SA Chief Executive Officer Henri Giscard d’Estaing said he favors a takeover bid from Fosun International Ltd. over a European offer because the Chinese suitor would better support expansion and help build a luxury image.

Speaking after Fosun raised its latest bid yesterday, the CEO said the Chinese are more aligned with the company strategy of marketing Club Med as an upscale destination for travelers. Fosun, which has been a minority owner of Club Med for four years, is a long-term investor that would help Club Med expand the number of sites, particularly in China and Brazil, he said.