復星國際競得地中海俱樂部 意富豪退出

PARIS — Shares of Club Méditerranée fell on Monday, after an Italian businessman who had been battling for control of the vacation resort operator conceded to his rival, the Chinese conglomerate Fosun International.

巴黎——競購地中海俱樂部(Club Méditerranée)的意大利商人放棄與中國競爭對手復星國際的爭奪後，這家度假村經營機構的股價在週一應聲下跌。

The Global Resorts consortium, led by the Italian investor Andrea C. Bonomi, said late Friday that “after careful consideration” it would not top Fosun’s offer of 24.60 euros, or $29.40, a share, which Fosun made on Dec. 19. The stock dropped on Monday afternoon in Paris to just below the winning bid, falling 2.1 percent, to 24.54 a share.

上週五晚間，由意大利投資人安德烈亞·C·博諾米(Andrea C. Bonomi)牽頭的Global Resorts財團宣佈，“經過慎重考慮”，決定不提出高於復星12月19日做出的每股24.60歐元（約合182.6元人民幣）的報價。週一下午在巴黎，地中海俱樂部的股價下滑了2.1%，報收24.54歐元，比贏得競購的報價略低。

Mr. Bonomi and his partners in the bidding, which include his Investindustrial private equity group, the Wall Street titan K.K.R., and Sol Kerzner, a South African hotelier, were facing a Wednesday deadline set by the French market regulator to either raise their own offer or walk away.

博諾米的競購合作方包括：他本人旗下的私募集團Investindustrial、華爾街巨頭KKR，以及南非酒店業大亨索爾·科茲那(Sol Kerzner)。巴黎的市場監管機構給他們設定了週三的最後期限，要麼提高報價，要麼退出競爭。

In the end, Mr. Bonomi’s decision was hardly a surprise, as analysts had said that he would have trouble justifying a higher offer in view of Club Med’s prospects.“Global Resorts, as an institutional investor, feels that the current situation and the levels of valuation do not warrant further consideration of Club Med as an investment opportunity,” Mr. Bonomi said in a statement.

博諾米最後做出的決定並不出人意料。分析師們表示，考慮到地中海俱樂部的前景，他很難證明提高報價的合理性。“作爲機構投資者，Global Resorts認爲，目前的形勢和估值水平，使得我們沒有理由進一步考慮地中海俱樂部的投資機會，”博諾米在聲明中稱。

The winning offer, made by Fosun’s Gaillon Invest II consortium, values the company at 939 million, or about $1.1 billion, including Club Med’s convertible securities. In addition to Fosun, the Gaillon group includes Ardian, a French private equity investor; Fidelidade, a Portuguese insurance company controlled by Fosun; Beijing Utour International Travel Service, a Shanghai-listed travel company; and Club Med’s management. Nelson Tanure, a Brazilian investor, has also been invited to join the project.

復星牽頭的Gaillon Invest II財團贏得了競購戰，其報價對地中海俱樂部的估值爲9.39億歐元，包括公司的可轉換證券。除了復星，財團中還包括：法國私募投資機構Ardian、復星控制的葡萄牙保險公司Fidelidade、在上海上市的北京衆信國際旅行社，以及地中海俱樂部的管理層。巴西投資人納爾遜·坦努雷(Nelson Tanure)也得到邀請參入這一項目。

Fosun’s chairman, Guo Guangchang, joined in May 2013 with Henri Giscard d’Estaing, Club Med’s chairman and chief executive, in a bid to take the company private at 17 a share. After months of legal wrangling and a small improvement in the offering price, that deal looked set to go ahead at 17.50, until Mr. Bonomi upended the tables in June 2013.

2013年5月，復星集團董事長郭廣昌攜手地中海俱樂部董事長兼首席執行官亨利·吉斯卡爾·德斯坦(Henri Giscard d’Estaing)提出了每股17歐元的收購價，計劃把該公司私有化。經過多個月的法律糾紛和競價的小幅提升，這一交易看似將以17.50歐元的價格成交。可是，博諾米2013年6月進來攪了局。

Mr. Bonomi had tried to sway investors with an argument for more balanced investment in Club Med’s international and European growth, including middle-market consumers, rather than the more Asia-focused luxury strategy espoused by Fosun and Club Med’s management.

博諾米用來嘗試說服投資者的理由是，他將對地中海俱樂部在國際和歐洲市場上的增長進行更平衡的投資，包括照顧到中端市場的消費者。相比之下，復星與地中海俱樂部管理層追求的是以亞洲市場爲側重的奢華化經營策略。

Fehmi Ben Naamane, an analyst at Oddo Securities, said Mr. Bonomi had been seeking to change almost overnight the resort company’s 10-year-old strategy of moving upscale and the management model built around that. It was completely predictable that Mr. Bonomi walked away, Mr. Ben Naamane said, considering the logic of his investment would be lost at a higher price.

奧多證券(Oddo Securities)的分析師費赫米·本·納馬內(Fehmi Ben Naamane)表示，博諾米希望幾乎一夜之間改變地中海俱樂部10年來的高端化路線，以及圍繞這一策略打造的管理模式。他認爲，考慮到博諾米的投資邏輯會在高報價下難以成立，他的退出完全在意料之中。

With the battle over, Club Med’s future “still looks difficult,” Mr. Ben Naamane said, “but if Fosun rapidly puts its strategy into place, and if they can expand significantly in China, of course that would bring major growth.”

競購戰雖然結束了，地中海俱樂部的未來卻“仍然看起來很艱難，”納馬內說。“不過，如果復星能讓自己的策略迅速展開，而且可以在中國市場上顯著擴張，當然會帶來大的增長。”

If nothing else, Global Resorts has helped holdout investors to make a handsome return. Mr. Bonomi and his allies themselves bought more than 3.5 million Club Med shares on June 30, when they closed at 19.51 share; that could give them a paper gain of roughly 18 million on those shares alone.

Global Resorts並非一無所獲。它幫助堅守下來的投資者贏得了豐厚回報。博諾米及其盟友在6月30日的時候買入了逾350萬股地中海俱樂部的股票，而當日的收盤價爲19.51歐元。光是這些股份，就能夠給他們帶來約1800萬歐元的賬面收益。

Over the ensuing months, the consortium members ultimately acquired several million more shares as they built their nearly 20 percent stake in Club Med. They intend to tender their Club Med shares to the winning bidders or sell them on the market, they said.

在接下來的月份裏，財團成員最終又收購了700萬股，使他們的持股比例逐步達到了近20%。他們表示，意欲將這些地中海俱樂部的股份轉讓給贏得競購的出價者，或者是在市場上出售。

Through a spokesman, Mr. Bonomi declined to comment.

博諾米的發言人表示，對此事不予置評。

Fosun, in a statement, expressed its “satisfaction” at its victory. The board of Club Med is expected to meet as early as this week to endorse the winning offer, after which only the approval of the market regulator would be necessary for the deal to move toward completion.

復星在聲明中對己方的勝利表示“滿意”。地中海俱樂部的董事會計劃最早於本週碰面，以正式支持贏得競購的協議。然後，這項交易只待市場監管機構的批准即可完成。

Club Med declined to comment.

地中海俱樂部表示不予置評。