Press: Lufthansa to sell Thomas Cook stake
Laptop Battery A German newspaper report states that Lufthansa has agreed to sell its 50 percent stake in tourism group Thomas Cook AG to joint venture partner KarstadtQuelle, dealers said.
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Thinkpad Handelsblatt reported that under the deal, KarstadtQuelle -- which already owns 50 pct of Thomas Cook -- will acquire the remaining shares from Lufthansa for a potentially high triple-digit million euro deal.
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Microsoft Thomas Cook's Condor airline will in return be reintegrated into the Lufthansa group.
Preussag AG becomes the majority shareholder in Thomas Cook Holdings Ltd when it increases its stake from 24.9% to 50.1%. (WestLB retains a 27.9% interest and Carlson Companies Inc. holds 22%.) 2000 Thomas Cook announces the sale of its Global and Financial Services division to Travelex on 8 November. C&N Touristic AG, one of Germany’s largest travel groups, signs an agreement (on 7 December) to become the sole owner of Thomas Cook Holdings, subject to EC approval.
Laptop Computers Karstadt Chief Executive Thomas Middelhoff and Lufthansa Chief Exeuctive Wolfgang Mayrhuber have reached an agreement in principle on the matter, the newspaper says.
You'll also find all our most recent press releases in this section. Members of the media can also find a press kit with information about Thomas Cook, its history, facts and figures all in one place. View our press centre area » Thomas Cook named No. Tour Operator Brand in Superbrands survey.
Laptop Computer A KarstadtQuelle spokesman described the report as speculation and declined to comment further on it, Handelsblatt said.
ßhe new tourism group will be free of debt, have high financial reserves and thus will be well positioned to proactively participate in further market consolidation in Europe, should we see the opportunity to increase value for our shareholders. As a result of the merger, we will generate significant synergies, which will improve the profitability of the new Thomas Cook Group plc on a sustained basis stated KarstadtQuelle AG CEO, Thomas Middelhoff, Chairmandesignate of the new company. åith the merger, KarstadtQuelle AG will achieve a considerable value increase for its shareholders. We will be creating an international retail and tourism group with total sales of Euro 21 billion with approximately 50 percent of revenues generated internationally, stated Middelhoff. The basis for the current merger was the recent agreement by which KarstadtQuelle acquired Lufthansa¯ 50% stake in Thomas Cook.
Desktop Computer A Lufthansa spokesman told the newspaper the company is not currently in talks about divesting its Thomas Cook stake.
Notebooks Newspaper Web site: http://www.handelsblatt.de
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