Thomas Cook on hunt for German acquisition

Travel firm Thomas Cook is still looking for takeover opportunities in Germany and could pay hundreds of millions of euros for the right target, chief executive Manny Fontenla-Novoa said.         

"This is the market in which we would like to invest. All the components are right. We just need to wait for the right opportunity," he told a news conference in Frankfurt late on Wednesday that was embargoed for release on Thursday.    
 

"We will be patient and not pay too much," he added.              

Fontenla-Novoa said Europe's second-biggest travel company was looking for a package holiday provider that offers destinations other than what Thomas Cook now features.                           

German tour operators Rewe or Oeger Tours are not among possible acquisition targets, Fontenla-Novoa said.                                            
Thomas Cook was at one point in talks with Oeger Tours, which specialises in Turkish holidays, but owner Vural Oeger decided against a sale at the last minute.                                           

Fontenla-Novoa said Thomas Cook aimed to announce a takeover in Russia within weeks. Sources have told Reuters the company is eyeing a stake in Intourist, which is owned by Sistema.                                           
 

Shares in Thomas Cook were down 0.5% at 204.5 pence at 0819 GMT, in line with the STOXX Europe 600 Travel & Leisure index.

In contrast to Europe's biggest tour operator TUI Travel, Thomas Cook was relatively unaffected by the disruptions from a volcanic ash cloud that overshadowed the travel industry last month.