Club Med secures 5% stake in Thomas Cook

THE Chinese owner of Club Med, Fosun, has forged a new strategic partnership with Thomas Cook with a five per cent stake in the latter.

Under the partnership, Fosun will pay about £92 million (US$138.6 million) for the minority shareholding, with a view to increase the stake to 10 per cent in future, the company said in a filing to the Hong Kong stock exchange last Friday.

Thomas Cook said in a statement that it expects the partnership to enhance earnings in the financial year to September 30, 2016, provided plans under the partnership are implemented this year.

Thomas Cook also expects to leverage the growing Chinese leisure tourism market through new hotel developments.

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