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Travel industry news

30 Apr 2019

BY James Chapple


Chinese investor Fosun increases stake in Thomas Cook

Fosun International has increased its stake in Thomas Cook to 18%.

Thomas Cook Westfield Stratford City

Chinese investor Fosun increases stake in Thomas Cook

Cook announced the additional 1% shareholding in a market update on Monday (29 April).

The two groups embarked on joint venture, Thomas Cook China, in September 2016.

Club Med owner Fosun took an initial 5% shareholding in Cook in 2015, which it extended to 11% in May 2017 and later to 17%.

Together, Fosun and Cook plan to open two hotels in China in 2020 and 2021, one of which will be a Casa Cook property, Cook’s youth-focused own-brand proposition.

Cook’s shares soared earlier this month on speculation around significant additional investment in the business, or a full buyout, by Fosun.

Two other parties were said to be interested, Sky News reported. Cook declined to comment on the market speculation when approached by TTG.

Stock in Cook opened on Tuesday (30 April) at 28.70p, down 0.35p from 28.05p at close on Monday. However, it remains significantly up on a low of 23.5p earlier in the month.

Meanwhile, shareholders agreed at a general meeting, also held on Monday, to remove its borrowing limits temporarily.

It comes after Cook admitted earlier this month it may have exceeded its own borrowing limits.

Cook said the transgression was uncovered as part of its ongoing strategic review of its group airline.

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