Wales Tourism and Visit Planning

Press: Lufthansa to sell Thomas Cook stake

Holiday In Wales A German newspaper report states that Lufthansa has agreed to sell its 50 percent stake in tourism group Thomas Cook AG to joint venture partner KarstadtQuelle, dealers said.

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Holiday Wales Handelsblatt reported that under the deal, KarstadtQuelle -- which already owns 50 pct of Thomas Cook -- will acquire the remaining shares from Lufthansa for a potentially high triple-digit million euro deal.

ßhe new tourism group will be free of debt, have high financial reserves and thus will be well positioned to proactively participate in further market consolidation in Europe, should we see the opportunity to increase value for our shareholders. As a result of the merger, we will generate significant synergies, which will improve the profitability of the new Thomas Cook Group plc on a sustained basis stated KarstadtQuelle AG CEO, Thomas Middelhoff, Chairmandesignate of the new company. åith the merger, KarstadtQuelle AG will achieve a considerable value increase for its shareholders. We will be creating an international retail and tourism group with total sales of Euro 21 billion with approximately 50 percent of revenues generated internationally, stated Middelhoff. The basis for the current merger was the recent agreement by which KarstadtQuelle acquired Lufthansa¯ 50% stake in Thomas Cook.

Cottage Holiday In Wales Thomas Cook's Condor airline will in return be reintegrated into the Lufthansa group.

Preussag AG becomes the majority shareholder in Thomas Cook Holdings Ltd when it increases its stake from 24.9% to 50.1%. (WestLB retains a 27.9% interest and Carlson Companies Inc. holds 22%.) 2000 Thomas Cook announces the sale of its Global and Financial Services division to Travelex on 8 November. C&N Touristic AG, one of Germany’s largest travel groups, signs an agreement (on 7 December) to become the sole owner of Thomas Cook Holdings, subject to EC approval.

Caravan Holiday In Wales Karstadt Chief Executive Thomas Middelhoff and Lufthansa Chief Exeuctive Wolfgang Mayrhuber have reached an agreement in principle on the matter, the newspaper says.

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Camping Holiday Wales A KarstadtQuelle spokesman described the report as speculation and declined to comment further on it, Handelsblatt said.

First issued by Thomas Cook to promote his trips to London's Great Exhibition in 1851, Cook's Excursionist provides page after page of detailed itineraries, fares, lists of hotels and Cook's offices, testimonial letters, accounts of tours, advertisements and editorial comment. The monthly issues of this publication, which was eventually issued in 13 separate editions around the world, document not only the expansion of Thomas Cook's business but also the early development of tourism itself. As such, this is probably the most important collection in the Archives.

Accommodation Holiday Wales A Lufthansa spokesman told the newspaper the company is not currently in talks about divesting its Thomas Cook stake.

Holiday Last Minute Wales Newspaper Web site: http://www.handelsblatt.de

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