Chinese group seeks out Club Med of France for $700 million
Chairman and CEO of Club Med, Henry Giscard d'Estaing (R) watches a traditional Chinese lion dance during the signing ceremony of a strategic partnership agreement between Chinese investment company Fosun and French leisure group Club Med in Shanghai on June 17, 2010.
Chinese conglomerate Fosun International and Paris private equity firm AXA are offering to buy Club Med for $700 million. What is formally called Club Mediterreanee is currently run by Henri Giscard D'Estaing, son of former French President.
The company has been struggling with Europe's long financial crisis, which put a Club Med vacation out of the reach for many -- but China is a different story. Douglas Quinby, analyst at PhoCusWright travel industry research group, joins Marketplace Morning Report host David Brancaccio to discuss.