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Tapie to tap into Club Med?

Tapie to tap into Club Med?
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French entrepreneur Bernard Tapie has said that he is considering taking a stake in holiday group Club Mediterranee.

Last week the loss making company said it will sell 102 million euros worth of new shares and bonds to shore up its finances. Tapis – who has been involved in a number of financial scandals over the years – has been critical of the way Club Med is being run. In a newspaper interview he said he does not own any Club Med shares but is considering buying in along with three or four investment funds. At the same time, the owner of Europe’s largest holiday company TUI Travel forecast considerably better group profit this year despite a disappointing first quarter. TUI’s quarterly underlying operating loss was 289 million euros. It suffered financially from political unrest in Madagascar, the French West Indies and Thailand but said it was still well positioned to meet its expectations for this financial year with trading over the last eight weeks robust.