Company Statement: KarstadtQuelle to merge Thomas Cook with MyTravel
( February 12, 2007, 16:49 GMT | Official Statement) -- Extract: The leading German retailer KarstadtQuelle AG is to merge its Tourism subsidiary, Thomas Cook, with the leading British travel company MyTravel. The newly established company will be named Thomas Cook Group plc and will be traded on the London Stock Exchange. KarstadtQuelle will hold 52 percent in the new company and will consolidate it fully. The MyTravel shareholders will hold 48 percent. KarstadtQuelle’s CEO will be the Chairman, whilst the Thomas Cook AG CEO will be Joint CEO of the new company and the Thomas Cook AG CFO will be CFO of the new company. The merged company will achieve sales of approximately Euro 12 billion and will be a leader in Great Britain, Scandinavia and Canada with leading positions in continental Europe. It will be one of the largest travel groups in the world. The merger is subject to approval from the antitrust authorities and the shareholders of MyTravel plc as well as the final closing of the previously announced transaction with Lufthansa.Essen, Germany, February 12, 2007. The leading German retailer KarstadtQuelle AG is to merge its Tourism subsidiary, Thomas Cook, with the leading British travel company MyTravel. The newly established company will be named Thomas Cook Group plc and will be traded on the London Stock Exchange. KarstadtQuelle will hold 52 percent in the new company and will consolidate it fully. The MyTravel shareholders will hold 48 percent. KarstadtQuelle’s CEO will be the Chairman, whilst the Thomas Cook AG CEO will be Joint CEO of the new company and the Thomas Cook AG CFO will be CFO of the new company. The merged company will achieve sales of approximately Euro 12 billion and will be a leader in Great Britain, Scandinavia and Canada with leading positions in continental Europe. It will be one of the largest travel groups in the world. The merger is subject to approval from the antitrust authorities and the shareholders of MyTravel plc as well as the final closing of the previously announced transaction with Lufthansa....
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