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Thomas Cook on hunt for German acquisition

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.

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DNA Web Team

Updated: Mar 30, 2018, 03:06 AM IST

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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.
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