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Thomas Cook turns to China's Fosun for 750 million pounds

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Christian Fernsby ▼ | July 12, 2019
Thomas Cook
Acquisition   This comes at a cost, with a significant dilution for existing shareholders

Thomas Cook is in talks on a 750 million pound ($941 million) bailout that will give its largest investor Fosun Tourism control of the indebted British business.

“This comes at a cost, with a significant dilution for existing shareholders, many of whom have held the stock and supported the business for many years,” Thomas Cook Chief Executive Peter Fankhauser said of the proposed deal.

“However, this proposal is the pragmatic and responsible solution to secure the future of the Thomas Cook business and brand and to preserve as much value as possible for all our stakeholders,” Fankhauser added.

Thomas Cook said that the cash from the proposed deal, which would mark one of the most significant purchases of a British company by a Chinese group in years, would be enough for it to trade over the winter season and give it flexibility to invest.

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