Buzz People

Thomas Cook receives approach from China's Fosun

Troubled travel company Thomas Cook has received a takeover approach for its tour business from a Chinese firm.
China's Fosun is already Thomas Cook's largest shareholder, and also owns the Club Med holiday business.
Last month, Thomas Cook reported a £1.5bn loss and said there was "little doubt" that Brexit had caused customers to delay their summer holiday plans.
The firm has annual sales of £9bn, 19 million customers a year and 22,000 staff operating in 16 countries.
Thomas Cook - which was founded in Market Harborough in 1841 - said it was in talks with Fosun, but added there could be "no certainty that this approach will result in a formal offer".
Last month, Thomas Cook's shares fell sharply on fears over its financial strength. Its stock sank 30% in one day after analysts at Citigroup said the company's shares were "worthless".
The travel firm has issued three profit warnings in a year, and is struggling to reduce its debts.

https://www.bbc.co.uk/news/business-48579574
Register Now