Jul 12, 2019
Thomas Cook in rescue deal talks with China's Fosun
Troubled travel company Thomas Cook is in rescue talks with its largest shareholder, Fosun. Thomas Cook's chief executive, Peter Fankhauser, said the proposal was "Not the outcome any of us wanted" but insisted it was "Pragmatic". "While this is not the outcome any of us wanted for our shareholders, this proposal is a pragmatic and responsible solution which provides the means to secure the future of the Thomas Cook business for our customers, our suppliers and our employees." The plans may even indicate a potential retreat from the stock market for Thomas Cook in a move that would see the world's oldest package holiday firm become a private company. Thomas Cook said it was facing "Intense competition" going into the second half of the year, blaming an "Uncertain customer environment".
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