Thomas Cook shares soar as Turkish operator buys 6.71% stake

Mr. Neset Kockar, chairman of Turkish Tour Operator ANEX Tour disclosed the purchase of a 6.71 per cent stake in Thomas Cook Group. The shares of the ailing British travel company have gained more than 50% in two days reaching a three-week high.

Thomas Cook, whose stocks has fallen about 90% in the past year, has confirmed a few ago that that it was holding talks to hand over its tour operating arm to Chinese Fosun (the owner of Club Med) and banks through a $910 million recapitalization which would seriously dilute the share prices.

The surprise involvement of Mr. Kockar may now change the course of the talks. “Thomas Cook is a well-established and a highly respected competitor and their space in the tourism industry is unique. We believe Thomas Cook has more value and potential than what has been discussed recently, particularly with the skillset and complementary capabilities ANEX Tour shall put forward. As such, we are keen to explore further the potential strategic initiatives related to Thomas Cook and engage with the relevant stakeholders” Mr. Kockar said in a public statement.

ANEX Tour has been a local driving force in tourism since its establishment in 1996. It’s offering end-to-end travel experience, combining transportation, accommodation, and various destination services including excursion and other holiday products to its customers. ANEX Tour is operating in 48 countries and has own offices in 18 countries, according to the company profile pages.

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