Travel share prices rise after TC announcement
Thomas Cook’s share price closed up 10.8p yesterday at 245p after the threat of a takeover was removed.
The banks speaking for 43.9% of the company announced that they have completed a placing of shares with institutional investors to raise almost £900 million.
Following the collapse of TC’s majority owner, Arcandor, in June, three creditor banks, Bayern LB, Commerzbank and RBS, took control of Arcandor’s 52.8% holding.
Former Arcandor chief executive, Dr Karl-Gerhard Eick, has stepped down as a director and chairman of the board to be replaced by non-executive deputy chairman, Michael Beckett, previously chairman of MyTravel.
Analysts said the sale ends the uncertainty hanging over Thomas Cook about a possible takeover.
Rival TUI Travel also saw its share price rise 15.8p to 272.5p.
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.
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