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Fosun poised to take control of Thomas Cook

Posted : 13 July 2019 08:57:29 | By TWO Bureau | GNN Bureau

Fosun poised to take control of Thomas Cook

Thomas Cook has revealed it is in “advanced discussions” with its largest shareholder, Fosun Tourism Group, about a potential recapitalisation of the company. Under the proposal, the group is targeting an injection of £750 million of new money which would provide sufficient liquidity to trade over the winter.

It would also offer the financial flexibility to invest in the business for the future, Thomas Cook said. The recapitalisation proposal would require a reorganisation of the ownership of the tour operator and airline businesses, the company said.

Fosun is a £75 billion Chinese investment giant that is listed on the Hong Kong stock exchange. The firm already owns nearly a fifth of Thomas Cook, but if this deal goes ahead, it would gain a “significant majority” of the firm.

Tags : thomas cook, fresh funding, fosun, recapitalisation of Thomas cook,

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