30th Jun 2016 05:49
LONDON (Alliance News) - Chinese conglomerate Fosun Group has increased its holding in Thomas Cook Group PLC to 8.2%, taking advantage of the decline in sterling and the UK travel operator's share price since the Brexit vote last week.
Fosun has increased its holding in Thomas Cook from 7.0% previously.
Shares in Thomas Cook were down 9.6% in the week to the end of trade on Wednesday, hit by concerns about consumer confidence following the vote by the UK to leave the European Union and about worries about the threat of terrorism, highlighted by Tuesday's suicide bombing at Turkey's Istanbul Airport.
Fosun, the largest privately-owned conglomerate in China, created a joint venture with Thomas Cook in June 2015 to develop inbound and outbound tourism activities for the Chinese market.
By Sam Unsted; [email protected]; @SamUAtAlliance
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