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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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