Club Med Takeover Fight Intensifies as China’s Fosun Bid Trumped

Global Resorts SAS lifted its bid for Club Mediterranee SA (CU), edging past a competing offer from China’s Fosun International Ltd. (656) and prolonging a takeover battle for the French provider of luxury vacations.

The group backed by Italian investor Andrea Bonomi raised its proposal to 23 euros, one euro more than Fosun, according to a statement late yesterday. Trading in Club Med shares was halted in Paris and will resume today, according to French market regulator Autorite des Marches Financiers, which had set a Nov. 13 deadline for Global Resorts to sweeten its offer.