30 July 2009

Major shareholding in Cook's to change hands?

A majority interest in Thomas Cook Group looks likely to change hands.

It was confirmed today that options are being considered for the 43.9% holding in the travel giant held by troubled German firm Arcandor.

Retail business Arcandor filed for insolvency in June after requests for state help failed.

"The most likely outcome would involve a market placing, off market sales or some combination of the two," a statement said.

"No course of action has been determined at this stage. A further announcement will be made if appropriate."

The statement was issued by banks Bayern LB, Commerzbank and Royal Bank of Scotland, the mandated lead arrangers to Arcandor's banking syndicate.

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