Fosun abandons Club Med takeover

Fosun (656.HKG), China’s largest private conglomerate, has withdrawn a bid to take over tour resort operator Club Mediterranee (CU.EPA) after the French regulator accepted another offer following a protracted legal battle, Finiancial Times reported, citing a Thursday statement by Fosun. The withdrawal of Fosun’s bid, made in conjunction with French private equity house Ardian, leaves the path clear for Investindustrial, an Italian-owned private equity fund, to take over the group. Last month Investindustrial launched a rival offer that valued its equity at RMB6.5 billion (US$1 billion).