Thomas Cook approached for takeover, sources say

Saturday, 20. April 2019 16:37

Tentative bids may lead to negotiations about the purchase of a part of Thomas Cook Group Plc or the entire travel operator based in London, Sky News reported on Saturday. Unnamed people familiar with the matter were cited as saying "several parties" have come forward with the intention to invest. The media organization added the focus seems to be on the company's tour business.

The target entity is facing talks with creditors about financial stability amid a transformation in demand and the impact of Brexit. A source attributed the approach by several suitors to Thomas Cook's recent acknowledgment from February that it is reviewing the status its airline unit. One of them is apparently Fosun International Ltd., a joint venture partner in China, but its Fosun Club Med division wouldn't be allowed to take over the carrier at present as European Union rules oblige companies in the sector to have majority ownership from within the 28-member bloc.

KKR and Co. Inc., which controls rival Travelopia Holdings Ltd., and EQT Corp., owner of Kuoni Reisen Holding AG, were cited as "potential bidders," while Deutsche Lufthansa AG is purportedly interested in Condor, Thomas Cook's firm in Germany.

Related Links: EQT CorporationDeutsche Lufthansa AGDeutsche Lufthansa AGKuoni Reisen Holding AGThomas Cook Group plc
Baha Breaking News (BBN) / IT