Chinese consortium expected to take over Club Med

The year-long bidding war for control of the French owned Club Med resort group may have found a winner.

The company is expected to back an offer from Fosun Internationa, a consortium led by Chinese billionaire Guo Guangchang.

Rival bidder, Italian tycoon Andrea Bonomi’s Global Resorts investment firm has said it will not raise its offer again and will withdraw its last bid.

Shanghai based Fosun International, owned by Chinese billionaire Guo Guangchang, increased its latest offer to $29.55 on December 17.

Fosun has worked with Club Med for several years on new developments in China and the Club Med board and CEO Henri Giscard d’Estaing had backed the Fosun bid due to its expertise in the Asia market where Club Med sees the most promising long term growth.

Investors hope the new owners will invest in expanding markets like China to widen the client base previously dominated by Europeans.

Fosun hopes to attract China’s growing middle classes with high end resorts.