Italian investor Andrea Bonomi has given up the fight for control of holiday group Club Méditerranée, bringing to an end the longest takeover battle in French history.
The decision, which came just five days before a deadline for submitting new offers, leaves a consortium led by China’s Fosun International as the sole bidder for one of the biggest brands in global tourism, in a saga that began in May 2013.
Mr Bonomi said that he and his partners had thrown in the towel because “the current situation and the levels of valuation do not warrant further consideration of Club Med as an investment opportunity”.
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