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Published on Tuesday, August 20, 2019

Fosun chief warns of 'much difficulty' in Thomas Cook rescue deal

Fosun Tourism's chairman and chief executive expects 'much difficulty' in the planned acquisition of a controlling stake in Thomas Cook Group and told reporters in Hong Kong there was a chance it might not take part in the rescue plan at all.

Speaking as the Chinese group announced its interim results yesterday, Qian Jinnong told the Nikkei Asian Review he expected to face hurdles.

"Like any merger and acquisition, the acquisition of Thomas Cook involves much difficulty," he reportedly said.

"Various sides have got their own priorities. We are intensively listening and negotiating with various parties."

In July, Thomas Cook announced plans for banks and Fosun, its largest shareholder, to pump in £750 million as part of a rescue plan.

The deal would see Fosun, which also owns Club Med, taking a controlling stake in Thomas Cook's tour operator and a minority interest in its airline.

"There are some long-term value investing principles that we will not give up though," Qian said.

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