The Chinese conglomerate that has been tipped as a bidder for part of Thomas now owns almost a fifth of the British company, the world’s oldest tour operator, tracing its roots back 178 years.
Fosun, the Chinese owner of Club Med, has taken another nibble of pan-European travel agent, Thomas Cook, raising its equity stake by one per cent to almost 18%.
The Chinese conglomerate that has been tipped as a bidder for part of Thomas now owns almost a fifth of the British company, the world’s oldest tour operator, tracing its roots back 178 years.
Fosun, which was co-founded by the Chinese billionaire Guo Guangchang, has been increasing its shareholding in Thomas Cook since the start of the year and has a stake of just over 17% worth about £64 million (US$83.1m), making it the biggest shareholder in the group.
Fosun first took a stake in Thomas Cook in 2015, the same year that it acquired resort operator Club Med.
Thomas Cook runs a Chinese joint venture with Fosun, selling holiday packages to consumers in China. Earlier this year the travel operator announced plans to open two new hotels in China in a joint venture with Fosun.
Last month Thomas Cook announced plans to shut 21 high street travel agencies with the loss of 320 jobs.