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Published on Tuesday, April 23, 2019

Thomas Cook circled by potential bidders



Chinese firm Fosun International is being tipped as a front runner for control of tour operator and airline group Thomas Cook.


Fosun operates a Chinese joint venture with UK based Thomas Cook and raised its stake in the business earlier this year to just over 17%.


Fosun is now the largest single shareholder. Thomas Cook has reportedly received approaches from suitors for the business but no formal offers have been made yet.





The world's oldest tour operator put its airline business up for sale earlier this year and recently announced it will close 21 travel agency stores across the UK.


Thomas Cook has an annual turnover of more than £9 billion but issued a second profit warning last year due to weak demand for overseas holidays..


Its share price has plunged 80% in the past year.


Thomas Cook has indicated all options are on the table as it pins its hopes on investments in owned hotels, which have generally been more profitable.


Fosun also owns Club Med after paying more than $1 billion for the French resort group in 2015.


 

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