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PARIS — Shares of Club Méditerranée fell on Monday, after an Italian businessman who had been battling for control of the vacation resort operator conceded to his rival, the Chinese conglomerate Fosun International.
巴黎——竞购地中海俱乐部(Club Méditerranée)的意大利商人放弃与中国竞争对手复星国际的争夺后，这家度假村经营机构的股价在周一应声下跌。
The Global Resorts consortium, led by the Italian investor Andrea C. Bonomi, said late Friday that “after careful consideration” it would not top Fosun’s offer of 24.60 euros, or $29.40, a share, which Fosun made on Dec. 19. The stock dropped on Monday afternoon in Paris to just below the winning bid, falling 2.1 percent, to 24.54 a share.
上周五晚间，由意大利投资人安德烈亚·C·博诺米(Andrea C. Bonomi)牵头的Global Resorts财团宣布，“经过慎重考虑”，决定不提出高于复星12月19日做出的每股24.60欧元（约合182.6元人民币）的报价。周一下午在巴黎，地中海俱乐部的股价下滑了2.1%，报收24.54欧元，比赢得竞购的报价略低。
Mr. Bonomi and his partners in the bidding, which include his Investindustrial private equity group, the Wall Street titan K.K.R., and Sol Kerzner, a South African hotelier, were facing a Wednesday deadline set by the French market regulator to either raise their own offer or walk away.
博诺米的竞购合作方包括：他本人旗下的私募集团Investindustrial、华尔街巨头KKR，以及南非酒店业大亨索尔·科兹那(Sol Kerzner)。巴黎的市场监管机构给他们设定了周三的最后期限，要么提高报价，要么退出竞争。
In the end, Mr. Bonomi’s decision was hardly a surprise, as analysts had said that he would have trouble justifying a higher offer in view of Club Med’s prospects.“Global Resorts, as an institutional investor, feels that the current situation and the levels of valuation do not warrant further consideration of Club Med as an investment opportunity,” Mr. Bonomi said in a statement.
博诺米最后做出的决定并不出人意料。分析师们表示，考虑到地中海俱乐部的前景，他很难证明提高报价的合理性。“作为机构投资者，Global Resorts认为，目前的形势和估值水平，使得我们没有理由进一步考虑地中海俱乐部的投资机会，”博诺米在声明中称。
The winning offer, made by Fosun’s Gaillon Invest II consortium, values the company at 939 million, or about $1.1 billion, including Club Med’s convertible securities. In addition to Fosun, the Gaillon group includes Ardian, a French private equity investor; Fidelidade, a Portuguese insurance company controlled by Fosun; Beijing Utour International Travel Service, a Shanghai-listed travel company; and Club Med’s management. Nelson Tanure, a Brazilian investor, has also been invited to join the project.
复星牵头的Gaillon Invest II财团赢得了竞购战，其报价对地中海俱乐部的估值为9.39亿欧元，包括公司的可转换证券。除了复星，财团中还包括：法国私募投资机构Ardian、复星控制的葡萄牙保险公司Fidelidade、在上海上市的北京众信国际旅行社，以及地中海俱乐部的管理层。巴西投资人纳尔逊·坦努雷(Nelson Tanure)也得到邀请参入这一项目。
Fosun’s chairman, Guo Guangchang, joined in May 2013 with Henri Giscard d’Estaing, Club Med’s chairman and chief executive, in a bid to take the company private at 17 a share. After months of legal wrangling and a small improvement in the offering price, that deal looked set to go ahead at 17.50, until Mr. Bonomi upended the tables in June 2013.
2013年5月，复星集团董事长郭广昌携手地中海俱乐部董事长兼首席执行官亨利·吉斯卡尔·德斯坦(Henri Giscard d’Estaing)提出了每股17欧元的收购价，计划把该公司私有化。经过多个月的法律纠纷和竞价的小幅提升，这一交易看似将以17.50欧元的价格成交。可是，博诺米2013年6月进来搅了局。
Mr. Bonomi had tried to sway investors with an argument for more balanced investment in Club Med’s international and European growth, including middle-market consumers, rather than the more Asia-focused luxury strategy espoused by Fosun and Club Med’s management.
博诺米用来尝试说服投资者的理由是，他将对地中海俱乐部在国际和欧洲市场上的增长进行更平衡的投资，包括照顾到中端市场的消费者。相比之下，复星与地中海俱乐部管理层追求的是以亚洲市场为侧重的奢华化经营策略。
Fehmi Ben Naamane, an analyst at Oddo Securities, said Mr. Bonomi had been seeking to change almost overnight the resort company’s 10-year-old strategy of moving upscale and the management model built around that. It was completely predictable that Mr. Bonomi walked away, Mr. Ben Naamane said, considering the logic of his investment would be lost at a higher price.
奥多证券(Oddo Securities)的分析师费赫米·本·纳马内(Fehmi Ben Naamane)表示，博诺米希望几乎一夜之间改变地中海俱乐部10年来的高端化路线，以及围绕这一策略打造的管理模式。他认为，考虑到博诺米的投资逻辑会在高报价下难以成立，他的退出完全在意料之中。
With the battle over, Club Med’s future “still looks difficult,” Mr. Ben Naamane said, “but if Fosun rapidly puts its strategy into place, and if they can expand significantly in China, of course that would bring major growth.”
竞购战虽然结束了，地中海俱乐部的未来却“仍然看起来很艰难，”纳马内说。“不过，如果复星能让自己的策略迅速展开，而且可以在中国市场上显著扩张，当然会带来大的增长。”
If nothing else, Global Resorts has helped holdout investors to make a handsome return. Mr. Bonomi and his allies themselves bought more than 3.5 million Club Med shares on June 30, when they closed at 19.51 share; that could give them a paper gain of roughly 18 million on those shares alone.
Global Resorts并非一无所获。它帮助坚守下来的投资者赢得了丰厚回报。博诺米及其盟友在6月30日的时候买入了逾350万股地中海俱乐部的股票，而当日的收盘价为19.51欧元。光是这些股份，就能够给他们带来约1800万欧元的账面收益。
Over the ensuing months, the consortium members ultimately acquired several million more shares as they built their nearly 20 percent stake in Club Med. They intend to tender their Club Med shares to the winning bidders or sell them on the market, they said.
在接下来的月份里，财团成员最终又收购了700万股，使他们的持股比例逐步达到了近20%。他们表示，意欲将这些地中海俱乐部的股份转让给赢得竞购的出价者，或者是在市场上出售。
Through a spokesman, Mr. Bonomi declined to comment.
博诺米的发言人表示，对此事不予置评。
Fosun, in a statement, expressed its “satisfaction” at its victory. The board of Club Med is expected to meet as early as this week to endorse the winning offer, after which only the approval of the market regulator would be necessary for the deal to move toward completion.
复星在声明中对己方的胜利表示“满意”。地中海俱乐部的董事会计划最早于本周碰面，以正式支持赢得竞购的协议。然后，这项交易只待市场监管机构的批准即可完成。
Club Med declined to comment.
地中海俱乐部表示不予置评。
