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France

Bernard Tapie denies Club Med takeover plans

Latest update : 2009-05-11

French businessman Bernard Tapie denied intentions to launch a takeover of holiday company Club Med but said he may decide to take a stake in the company by June 15.

AFP - French businessman Bernard Tapie said on Monday that he would make a decision on taking a stake in holiday company Club Med by June 15.
  
Tapie told AFP that he had no intention of launching a takeover of Club Med at the moment because any stake he would acquire would of necessity be a minority one.
  
Club Med shares soared late last month on speculation there would be a buyer of the company.
  
Tapie also said he welcomed the fact market regulator AMF was looking at the issue and he hoped it would identify those who he said had been spreading rumours about his interest in Club Med in order to boost the share price and make any acquisition of a stake more expensive for him.
  
Tapie pointed out that he held no shares in Club Med and had "no intention of taking part, directly or indirectly" in the company's current cash-raising plans.
  
On Monday, Club Med shares lost nearly nine percent while the broader Paris market was down nearly two percent.
  
Tapie earlier talked about speculation in the stock when it rose sharply at the end of April and earlier this month on rumours of a takeover.
  
On Monday, Club Med asked the market regulator to open an enquiry into trading in its shares, citing what it termed "contradictory statements" by Tapie.

Date created : 2009-05-11

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