Thomas Cook has confirmed the terms of a £900m rescue deal that will give the Chinese conglomerate Fosun control of its holiday business – but warned its shares may be pulled from the London stock market as a result.
The Chinese investor Fosun will inject £450m into the business in exchange for a 75% stake in its 178-year-old package tour division and a 25% holding in its airline business.
The rescue package will give the Shanghai-based Fosun another foothold in the European market, where it already owns the holiday resort chain Club Med and the Premier League football club Wolverhampton Wanderers. Fosun holds an 18% stake in Thomas Cook.