Pierre & Vacances has confirmed that it is planning to make a bid for Deutsche Bank’s 50 per cent stake in the European business of Center Parcs, the holiday camp operator, although the company's CEO has refused to put a time scale on any deal.
P&V formed an alliance with DB Capital Partners in November 2000 to undertake the £670m acquisition of Center Parcs from UK brewer Scottish & Newcastle. The deal gave Deutsche 100 per cent control of the UK arm of Center Parcs. The continental operations were merged with P&V’s European holiday village subsidiary, Gran Dorado, with P&V and Deutsche each taking a 50 per cent stake.
Commenting on the speculation, a spokesperson for Pierre & Vacances said that the company was still planning to make a bid for Deutsche’s 50 per cent stake, but that there was no time scale for the acquisition.
The Financial Times reports that P&V is also considering a bid for the UK division of Center Parcs, although it is thought that a floatation of Center Parcs UK may be the preferred option for Deutsche Bank.