Thursday, 21 July 2011
The all important Competition Commission has give the go-ahead for a merger to take place between travel giant Thomas Cook and The Co-operative Travel.
The move will create a chain of 1200 shop and Thomas Cook chief executive Manny Fontenla-Nova expressed his delight at the provisional ruling: "This is not only great news for Thomas Cook and the Co-operatives, but also for our customers and staff. We look forward to bringing the merged business to life.
High street retail remains an important distribution channel for package holidays and one that consumers value. We firmly believe in the synergistic nature of this deal and the opportunities it offers. This merger is just one part of the plan to strengthen our UK business."
The news could be seen as coming at a very good time for Thomas Cook after its shares slumped last week. Shares rose steadily yesterday ahead of today's announcement having risen 2% on the LSE on Tuesday.
Posted by Tom Warsop at 08:43