Chinese investors buy a bit more of Thomas Cook
Chinese investor Fosun International has slightly increased its stake in Thomas Cook following speculation that the tour operator was looking for further investment or a full buyout.
Fosun, which owns Club Med, bought a further 1% of Thomas Cook’s shares, increasing its stake to 18%.
The Chinese company initially bought 5% of Thomas Cook’s shares in 2015, increasing its stake to 11% in 2017 and later increasing this again to 17%.
The two companies also entered into a joint venture, Cook China, a little over 18 months ago, with plans to open two hotels in the country by 2021.
Meanwhile, Thomas Cook shareholders agreed at a general meeting yesterday to temporarily remove the company’s borrowing limits.
The suggestion was put to the vote after the company discovered during an ongoing strategic review of its group airline that it might have exceeded its own borrowing limits.
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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