China's Fosun closes in on Club Med buyout

Chinese conglomerate Fosun zeroed in on its 18-month quest to buy French holiday resorts group Club Med on Friday when Italian businessman Andrea Bonomi refused to raise his latest offer.

Fosun looked assured to win what became the longest bidding war in Paris bourse history when Bonomi's Global Resorts company announced on Friday it would not better the 24.60 euro ($29.55) per-share price the Chinese group tabled for Club Med on Dec 19.

That offer which topped Global Resort's last bid of 24 euros per share values Club Med at 939 million euros, which represented too much in Bonomi's view.