Psr777
27th Apr 2006, 20:06
FRANKFURT (AFX) - Deutsche Lufthansa AG has agreed to sell its 50 pct stake in tourism group Thomas Cook AG to joint venture partner KarstadtQuelle AG, German daily Handelsblatt reported, citing unnamed company and financial sector sources.
Under the deal, KarstadtQuelle -- which already owns 50 pct of Thomas Cook -- will acquire the remaining shares in the joint venture from Lufthansa for a mid to high triple-digit mln eur amount, the newspaper said.
Thomas Cook's Condor airline will in return be reintegrated into the Lufthansa group.
A KarstadtQuelle spokesman described the report as speculation and declined to comment further on it, Handelsblatt said.
A Lufthansa spokesman told the newspaper the company is not currently in talks about divesting its Thomas Cook stake.
KarstadtQuelle chief executive Thomas Middelhoff has repeatedly said his company would like to hike its stake in Thomas Cook and did not rule out a complete acquisition of the joint venture.
NE1 have any more info?
Ramifications on UK business?
Under the deal, KarstadtQuelle -- which already owns 50 pct of Thomas Cook -- will acquire the remaining shares in the joint venture from Lufthansa for a mid to high triple-digit mln eur amount, the newspaper said.
Thomas Cook's Condor airline will in return be reintegrated into the Lufthansa group.
A KarstadtQuelle spokesman described the report as speculation and declined to comment further on it, Handelsblatt said.
A Lufthansa spokesman told the newspaper the company is not currently in talks about divesting its Thomas Cook stake.
KarstadtQuelle chief executive Thomas Middelhoff has repeatedly said his company would like to hike its stake in Thomas Cook and did not rule out a complete acquisition of the joint venture.
NE1 have any more info?
Ramifications on UK business?