The refusal of Italy’s Andrea Bonomi to raise an offer for Club Mediterranee (CU.EPA) has placed a consortium headed by Chinese billionaire Guo Guangchang in a position to purchase the struggling French holiday company, Reuters reported. The board of Club Med, which is fighting weaker demand in Europe and restructuring costs, has previously said it would only respond to the last standing offer for the company, and is expected to make a statement on the Chinese bid of EUR939 million (US$1.13 billion) in the next few days.
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