Thomas Cook shares jump after China deal is announced
Shares in Thomas Cook jumped 21% following the news that Chinese investment firm Fosun has bought a 5% stake in the travel company.
Fosun, which purchased French resort operator Club Med last month, paid £91.8m for the Thomas Cook shares and hopes, in time, to increase it to 10%.
Thomas Cook said the move could lead to collaboration with Club Med and Fosun’s other travel and leisure businesses.
It said it would help accelerate Thomas Cook’s product strategy, such as its exclusive concept hotels.
The group also hopes the move will help it tap into the fast-growing Chinese tourism market in partnership, by developing tour operating activities in China for Chinese holidaymakers under the Thomas Cook name.
This would also include the development of concept hotel brands tailored to the Chinese leisure market.
Thomas Cook chairman Frank Meysman said the deal ‘represents a major milestone in Thomas Cook’s 174-year history’.
He said the partnership was ‘designed to bring significant benefits to Thomas Cook and its shareholders’.
"Fosun’s strong track record of value creation and focus on international tourism makes it the ideal partner to strengthen our brands and products."
Wang Qunbin, executive director and president of Fosun, said: "The investment in Thomas Cook complements our other recent investments in the sector, providing opportunities for further value creation."
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.
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