ClubMed shares higher on report of Thomas Cook deal
Mid-morning trade shows that the holiday group shares up 1.52 percent.26 May 2008
PARIS - Shares in French holiday group Club Mediterranee were higher on Monday after reports it could sell its Jet Tours unit to British-based travel giant Thomas Cook, dealers said.
In mid-morning trade, Club Mediterranee shares were up 1.52 percent in an overall market showing a gain of 0.21 percent.
Press reports said Club Mediterranee was now in talks with Thomas Cook on the sale of Jet Tours for some EUR 75 million euros after discussions with other travel companies such as Kuoni had failed.
Analysts at Natixis said such a sale would make sense as it would allow Club Mediterranee to focus on its core business.
[AFP / Expatica]