Insider Business Thomas Cook in talks with China's Fosun over tour operator sale

Thomas Cook in talks with China’s Fosun over tour operator sale

Thomas Cook has received a preliminary approach for its tour operations from its biggest shareholder, China’s Fosun Tourism, sending shares in the struggling British travel group up 20 percent.

The world’s oldest travel firm is already considering a sale of its airline unit and a bid for its Nordic operations after a string of profit warnings forced it to raise cash to pay down debt.

Thomas Cook said there was no certainty the Fosun approach would lead to a formal offer, and it would consider any bid alongside the other strategic options that it has, to raise as much value as possible for stakeholders.

Fosun Tourism already has a presence in the European market through its ownership of the Club Med holiday business.

Thomas Cook, battered by fading demand for its package holidays, a hot 2018 summer which deterred bookings and high levels of debt, has been battling for its future in recent months and is now edging nearer to a full break up.

It issued its third profit warning in less than a year in May, saying discounting and higher fuel and hotel costs would hurt it during the peak summer season.

Shares in Thomas Cook were 18% by 0750 GMT.

(Reuters)

Top Stories

164 new cases, one death announced on Thursday

The Health Ministry announced the death of one person due to COVID-19. This raises the death toll from the virus in Cyprus to 178,...

Where to get antigen rapid tests on Friday

The Health Ministry announced the following antigen rapid test sites for Friday, 22 January 2021: LIMASSOL Parking place Sklavenitis supermarket, Germasogia 08:30-16:30 Parking place Lidl supermarket, Limassol...

Alcohol consumption among Cypriot students high

Alcohol consumption among students has been reduced, the Cyprus National Addictions Authority ascertained on the basis of a European research, conducted every four years....

Earthquake measuring 5 felt all over Cyprus

An earthquake measuring 5 on the Richter scale occurred around 16:30 and was felt all over Cyprus. Due to the earthquake, the Parliament session that...

UK hits 5m vaccine doses as health minister defends scheduling change

British health minister Matt Hancock on Thursday (January 21) lamented another record daily number of COVID-19 deaths, but hailed the achievements of the UK's...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...