China poised to take over Thomas Cook

LONDON, 16 July 2019: Thomas Cook Group tweeted it is conducting advanced discussions with Fosun Tourism and core lending banks to inject UKP750 million of new money into the business.

Under the plan announced last Friday, Fosun Tourism would become the majority shareholder. It already holds shares in the UK headquartered tour operator.  The Chinese conglomerate owns Club Med

The deal will give Fosun Tourism majority control of all the business units of Thomas Cook Group except for the group’s airline.

However, holidays and flights will not be impacted and will continue to operate as normal the public listed firm stated.

Should travellers who have booked holidays with Thomas Cook for the summer and remainder of the year worry?

Not according to the company’s statement that reassured travellers with a firm “Thomas Cook is here to stay.”

 It noted that it had announced clear plans for Thomas Cook’s future.

“Today’s news is targeting an injection of UKP750 million of new money into Thomas Cook with the support of our biggest shareholder and trusted partner and core lending banks, helping us to invest for the future.

“We’re looking forward to taking the 11 million customers who have booked with us on holiday this summer.

(Source: Thomas Cook Group)