Chinese group seeks out Club Med of France for $700 million
Chinese group seeks out Club Med of France for $700 million
Chinese conglomerate Fosun International and Paris private equity firm AXA are offering to buy Club Med for $700 million. What is formally called Club Mediterreanee is currently run by Henri Giscard D’Estaing, son of former French President.
The company has been struggling with Europe’s long financial crisis, which put a Club Med vacation out of the reach for many — but China is a different story. Douglas Quinby, analyst at PhoCusWright travel industry research group, joins Marketplace Morning Report host David Brancaccio to discuss.
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