Thomas Cook takeover presents ‘much difficulty’ warns Fonsun

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Thomas Cook revealed in July that Fosun was in talks to inject £750 million alongside banks


Thomas Cook takeover presents ‘much difficulty’ warns Fonsun Tourism Group boss amid talks to rescue firm 

The boss of the Chinese firm hoping to buy Thomas Cook has admitted he is expecting ‘much difficulty’ as he seeks to tie up the deal.

Qian Jiannong, chairman and chief executive of Fosun Tourism Group, revealed his company’s first-half results last week.

‘Like any merger and acquisition, the acquisition of Thomas Cook involves much difficulty,’ he said. ‘Various sides have got their own priorities. We are intensively listening and negotiating with various parties.’

Thomas Cook revealed in July that Fosun was in talks to inject £750 million alongside banks

The Mail on Sunday revealed last month that Fosun has been enticing Thomas Cook’s bondholders and lenders to accept its offer. In meetings with the debt holders, Fosun announced plans to attract more Asian tourists to Europe.

Thomas Cook revealed in July that Fosun – its largest shareholder – was in talks to inject £750 million alongside banks into its struggling business.

Fosun Tourism, which owns Club Med, aims to take control of Thomas Cook’s tour operating business and take a ‘significant minority interest’ in its airline.

Fosun and Thomas Cook declined to comment.

 

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