Chinese investor, French PE firm win over Club Med
A Chinese investor and a French private equity firm have won over Club Med with an improved 557 million euros ($729 million) takeover bid, seeking to accelerate a shift at the holiday resorts pioneer to fast-growing emerging markets. Chinas Fosun International and AXA Private Equity , who have teamed up with Club Mediterranee management and are already the firms biggest shareholders, said on Tuesday they would pay 17.5 euros a share for the stock they do not already own, up from their previous offer of 17 euros.
AirAsia parts ways with Japans ANA amid clashes
Southeast Asias top budget carrier, AirAsia, said Tuesday it has decided to part ways with Japans All Nippon Airways after clashes over how to run their low-cost joint venture airline. AirAsia said it will sell its 49% stake to ANA for 2.45 billion yen ($25 million). AirAsia Japan will operate until the end of October, after which it will be given a new name and operate as ANAs fully-owned subsidiary out of Tokyos Narita airport. AirAsia said the JV was hampered by a fundamental difference of opinion on issues such as cost management and where the domestic business operations should be based.
New Greek cabinet sworn in after reshuffle
Greeces new cabinet was sworn in on Tuesday after a broad reshuffle in which conservative prime minister Antonis Samaras handed key posts to the coalition governments minority Socialist party following a political crisis. Samaras year-old coalition government narrowly avoided collapse after he ordered the sudden closure of the state broadcaster, ERT, on June 11, and the firing of all the companys 2,656 employees. Coalition member Democratic Left withdrew its support for the government last week over the issue.
Chinese workers holding US boss say wages unpaid
Chinese workers keeping an American executive confined to his Beijing medical supply factory said Tuesday that they had not been paid in two months in a compensation dispute that highlights tensions in Chinas labour market. The executive, Chip Starnes of Specialty Medical Supplies, denied the workers allegations of two months of unpaid wages, as he endured a fifth day of captivity at the plant in the capitals northeastern suburbs, peering out from behind the bars of his office window.