France's Tapie to make Club Med position clear

12th May 2009, Comments 0 comments

French businessman Bernard Tapie will make a decision on taking stake in holiday company Club Med by 15 June.

PARIS – French businessman Bernard Tapie said on Monday that he would make a decision on taking a stake in holiday company Club Med by 15 June.

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 closed with a gain of nearly five percent to EUR 11.30 when the price was adjusted to take into account the company's capital raising exercise.

On unadjusted terms, the stock 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.

AFP / Expatica

0 Comments To This Article