€240m in loans for Club Med deal

The takeover of holiday resorts group Club Med by French buyout house AXA Private Equity and China’s Fosun International will be financed with around €240m of bank loans, banking sources said yesterday. AXA and Fosun won over Club Med on Tuesday with an improved €557m offer, equating to €17.5 euros a share for the stock they did not already own, up from a previous offer of €17 euros. AXA and Fosun declined to comment.