Kuoni pulls out of China deal
Kuoni has pulled out of a deal to buy extra shares in a Chinese company after complications arose.
In a statement today, it said a recommended cash offer for Et-china.com International Holdings will not be completed
“Certain conditions to the corresponding ‘Scheme of Arrangement’ will not have been satisfied, and will not be waived by such time as to enable the ‘Scheme’ to become effective by the Long Stop Date of 31 December 2010,” it said.
“Kuoni is not willing to agree to a further extension of the Long Stop Date for the ‘Scheme’. In September 2010 the Long Stop Date was already extended to the end of 2010.”
Kuoni remains the largest shareholder in Et-china.com International Holdings with an equity stake of around 29%.
The group’s statement said it continues to participate in the growth of the Chinese market and that its acquisition strategy in Asia continues unchanged.
By Bev Fearis
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
Global tourism exceeds 1.5 billion travelers announces UN-Tourism
Qatar Airways offers reduced timetable to over 60 destinations
WTTC global tourism reached record economic impact of 11 trillion in 2025
Marginal increase for New York City tourism in 2025
Hands In, UATP join forces for airline multi-card payments