Lufthansa sells stake in Thomas Cook

Published: 03/01/07

German Airline Lufthansa has agreed to sell its 50 per cent stake in tour operator Thomas Cook to Karstadt Quelle for GBP536 million in order to refocus its commercial interests on its core aviation business.

The deal will see the airline gain an increased share in Thomas Cooks German airline Condor, increasing its stake from 10 per cent to 25 per cent, and will also take control of Turkish subsidiary Sun Express in order to offer more flights to Istanbul.

The consolidation of all the airline business away from the tour operating area is expected to produce large savings for the Thomas Cook and Lufthansa groups, which recently announced plans to lay off almost 3,000 UK staff in the run up to Christmas.

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