Karstadtquelle's Thomas Cook, MyTravel confirm merger |
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Mon, 12 Feb 2007 08:43
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LONDON (AFX) - Package tour operators MyTravel Group PLC of Britain and Germany's KarstadtQuelle's Thomas Cook confirmed they are to merge.Following the deal, KarstadtQuelle will own 52 pct of the group and MyTravel the remainder.The groups predicted the move would generate 'significant value for shareholders', and forecast annualised pretax cost savings of 75 mln stg.Thomas Middelhoff, CEO of KarstadtQuelle and Chairman of Thomas Cook, will chair the enlarged business. MyTravel's Michael Beckett will be deputy chairman.On an interim basis, the two businesses' chief executives, Peter McHughof MyTravel and Manny Fontenla-Novoa of Thomas Cook, will jointly hold the position.The groups see the merger completed by June 2007.The parent company of the enlarged Group will be named Thomas Cook Group PLC, headquartered in the UK and listed in London.amy.brown@thomson.comab/tcCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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MyTravel in advanced talks to merge with KarstadtQuelle's Thomas Cook - report 