Cook-Co-op merger to be delayed
Thomas Cook’s retail merger with the Co-operative Group and Midlands Co-operative will be further delayed following today’s announcement that they have asked for the matter to be referred to the Competition Commission (CC).
The CC could take six months or even longer to decide whether to allow the tie-up to go ahead.
The Office of Fair Trading has already spent six weeks examining the proposed merger, which will create the largest travel retail chain in the UK, but this morning the three parties said they had made an application to the OFT to fast-track the anti-trust approval process and proceed directly to the CC.
They clearly believe there was a real danger the OFT would have referred the merger to the CC next month following its own investigation and by requesting the matter to be referred directly the three parties are hoping to save some time.
In a statement released to the London Stock Exchange this morning, Thomas Cook chief executive Manny Fontenla-Novoa said: "We continue to believe that there is compelling rationale for clearance, particularly when you consider previous decisions in our sector. We feel that proceeding straight to the Competition Commission should provide us with the right answer most quickly.
"Our view on the benefits of the transaction is unchanged and we remain fully committed to the merger. We will continue to work closely with the authorities to expedite clearance."
By Linsey McNeill
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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