Money: Thomas Cook Surges After Confirming Talks With China's Fosun - PressFrom - United Kingdom
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MoneyThomas Cook Surges After Confirming Talks With China's Fosun

04:55  11 june  2019
04:55  11 june  2019 Source:   msn.com

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Hong Kong-listed Fosun , already Thomas Cook ’ s biggest shareholder, owning about 18%, has submitted a preliminary approach and talks are underway, the U.K. company said in a statement on Monday.

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Thomas Cook Surges After Confirming Talks With China's Fosun © Bloomberg Pedestrians pass a Thomas Cook Group Plc travel agency store in Three Bridges, U.K., on Tuesday, April 23, 2019. Thomas Cook rose the most since December after Sky reported potential bidders have approached the debt-laden travel company to purchase all or part of its businesses.

Thomas Cook Group Plc surged as much 24% after confirming it received an offer for its tour-operator business from Chinese investor Fosun International Ltd.

Hong Kong-listed Fosun, already Thomas Cook’s biggest shareholder, owning about 18%, has submitted a preliminary approach and talks are underway, the U.K. company said in a statement on Monday. Sky News reported on June 8 that takeover negotiations were being held.

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Hong Kong-listed Fosun , already Thomas Cook ’ s biggest shareholder, owning about 18%, has submitted a preliminary approach and talks are underway, the U.K. company said in a statement on Monday.

Hong Kong-listed Fosun , already Thomas Cook ’ s biggest shareholder, owning about 18%, has submitted a preliminary approach and talks are underway, the U.K. company said in a statement on Monday.

Thomas Cook, the world’s oldest travel agency, rose 12% to 18 pence as of 8:06 a.m. in London, after hitting 20 pence earlier. Fosun’s tourism arm is a division of billionaire Guo Guangchang’s drugs-to-insurance conglomerate, which owns the luxury resort brand Club Med. The Chinese company jumped 4.2% in Hong Kong on Monday, the biggest gain since March 29.

Thomas Cook has lately been grappling with dwindling bookings and uncertainty related to the U.K’s departure from the European Union. Selling at least part of the operation is crucial to the company’s survival because a new 300 million-pound ($382 million) loan announced last month is conditional on making progress with a disposal. Shares of the London-based firm had plunged 86% in the past year, prior to today.

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Hong Kong-listed Fosun , already Thomas Cook ’ s biggest shareholder, owning about 18%, has submitted a preliminary approach and talks are underway, the U.K. company said in a statement on Monday.

Thomas Cook is talks with Chinese conglomerate Fosun over the potential sale of its tour operator business. The struggling British travel agent confirmed negotiations were taking place after speculation mounted over the weekend Shares in Thomas Cook surged 14 per cent on Monday after the news.

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An acquisition of the world’s oldest travel agency would help the Chinese conglomerate gain control of a business that serves 11 million customers and reported 7.4 billion pounds ($9.4 billion) in revenue last year. It would also give Fosun a say in the future of Thomas Cook, whose shares and bonds have tumbled amid concerns over the company’s ability to return to profit and avoid being crushed under a pile of debt.

Thomas Cook said there is no certainty of a formal offer from Fosun. The board will consider any proposal alongside “the other strategic options” that the company has.

A deal, if completed, could also benefit from booming travel demand out of China. Mainland travelers completed 150 million visits overseas last year, almost 15% more than in 2017, according to the Ministry of Culture and Tourism. In 2016, Thomas Cook and Fosun set up a travel agency partnership to cater to the wealthiest 20% of tourists from the mainland.

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China ' s Fosun Tourism has made a preliminary approach to Thomas Cook to buy its tour operator business, sending shares in the struggling British travel group higher. Thomas Cook said in a statement on Monday it was in talks with the Hong Kong-listed Fosun , its biggest shareholder

The troubled travel firm confirms it is in talks with China ' s Fosun over a possible offer. Fosun is already Thomas Cook 's largest shareholder, and also owns the Club Med holiday business. Thomas Cook said it was in talks with Fosun , but added there could be "no certainty that this approach will

Club Med

Fosun Tourism Chairman and CEO Qian Jiannong said in a May 28 interview that acquisitions as well as organic growth would be part of the company’s business model. Fosun is well placed to take advantage of the European and Asian markets, he said.

“We do believe we have synergies with this company because the European market is still the largest in the leisure holiday business,” he said of Thomas Cook last month. “If you combine the market of these two continents together, it will make a very, very interesting business."

Any deal would exclude Thomas Cook’s airline business, which Fosun would be unable to acquire due to European Union rules, Sky said.

Other companies may also be weighing bids for parts of Thomas Cook. The tour operator last month received an offer for its Scandinavian arm from private equity company Triton Partners. It said it was evaluating the offer, though no decision had been made. There has also been an approach for its airline unit from Portuguese airline Hi Fly, the Mail on Sunday has reported.

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