UK's Thomas Cook mulling airline sale: Sunday Times
Reuters
Published Jul 28, 2018 04:50PM ET
Updated Jul 28, 2018 05:00PM ET
UK's Thomas Cook mulling airline sale: Sunday Times
LONDON (Reuters) - British travel company Thomas Cook (L:TCG) is considering splitting off its airline and selling a stake to an outside investor to reduce debt, the Sunday Times newspaper reported.
The newspaper, citing unnamed industry sources, said internal discussions were at an early stage and no change was likely imminently.
However, the sale of a stake in the airline - possibly to Chinese conglomerate Fosun (HK:0656), an existing 12 percent shareholder in the group - would make it easier for both the travel business and the airline to expand, the newspaper said.
A Thomas Cook spokesman told the newspaper that the company had previously said it was open to industry consolidation but that it had "no current plans" to sell its airline.
Thomas Cook said in May that it was on track to meet analysts' expectations of a 7 percent rise in its post-operating profit to 352 million pounds ($461 million) for the 12 months to Sept. 30, on a constant currency basis.
Airline bookings rose 18 percent in the first half of its financial year, boosted by the collapse of German and British rivals Air Berlin and Monarch.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.