China's Fosun to take control of Thomas Cook's
China’s Fosun Tourism Group is in advanced talks with Thomas
Cook Group Plc (TCG.L) and its lenders regarding a combined 750 million-pound
($940 million) fund-raising by the world’s oldest travel company.
The proposed deal would give Fosun Tourism control of the
British firm’s core packaged-tour business and minority interest in its airline
business, marking one of the most significant purchases of a British company by
a Chinese group in years.
Thomas Cook, worth roughly $4 billion after it debuted in
June 2007, currently has a market value of about $255 million and has seen its
stock more than halve in value so far this year.
Source: HONG KONG (Reuters)
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