It's an east versus west bidding war for the French holiday group Club Med. Chinese conglomerate Fosun International backed by one of China's richest men Guo Guangchang, has been flexing his muscles against Italian tycoon Andrea Bonomi in a battle that's been ongoing since May of 2013. Bonomi's partnership vehicle, Global Resorts, has called for backup. Its most recent bid included U.S. private equity firm KKR as well as several other investors. star Guo is not showing any sign of stepping down, recruiting Portuguese insurance company and an additional partner, a Brazilian real estate tycoon to make a joint offer. The latest bid made by Guo for 24.60 euros a share values the company at 1.1 billion dollars. It's the eighth offer the struggling resort operator has had to consider. The tensions run high, each side has built a similar rival stake in the company with Bonomi at 18.9% and Guo at 18.3%. "Both parties are looking to combine global resources and China's economic momentum to offer the rising middle class a new lifestyle --one that includes affordable luxury and all-inclusive holiday vacation." However, Club Med's CEO has consistently backed the Fosun offer, saying the Chinese suitor would better support expansion and help build the luxury image for its travel destinations. Ang Moo Lim , Executive VP of Star Cruises sees an increasing demand for upscale travel. "We do see that the demands in terms of the expectations, especially from Chinese consumers, have grown leaps and bounds. They pay the best money and they demand the best quality." Still at the center of a tug-of-war, Club Med's share prices have shot up 44 percent so far this year, and over 70% since Fosun made its first offer last year. The next deadline for Bonomi's Global Resorts to make a counterbid is set for January 7th 2015. For more news and videos visit ☛ http://ntdtv.tv Follow us on Twitter ☛ http://twitter.com/NTDTelevision Add us on Facebook ☛ http://on.fb.me/s5KV2C

• published: 23 Dec 2014
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