Cook-Co-op merger wins final seal of approval
The merger between Thomas Cook, The Co-operative Group and Midlands Co-operative received the final ratification from the Competition Commission today.
The Commission cleared the merger, saying that it would not result in a substantial lessening of competition. The decision confirms the Commission's preliminary findings, published in July.
It said that customers were unlikely to suffer from higher prices or reduced choice as a result of the merger, which will create the UK's largest retail travel chain, with more than 1,300 shops.
Thomas Cook estimates it will close about 75 outlets as a result of the merger and it has dismissed a report over the weekend that it was considering shutting hundreds more as nothing more than speculation.
The merger with the Co-op was engineered by Cook's former chief executive Manny Fontenla-Novoa, who quit two weeks ago after issuing three profit warnings for the company.
Following his departure, Cook said it remained committed to the merger, which is now expected to be completed by October. Cook said it was unlikely to close any shops before October, however.
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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