Inactive Instrument

Thomas Cook Group

Equities

GB00B1VYCH82

Thomas Cook : LOT owner drops takeover of German carrier Condor

April 14, 2020 at 12:38 am IST

FRANKFURT — The parent company of Polish airline LOT is pulling out of its takeover bid of for German vacation carrier Condor, a subsidiary of collapsed tour operator Thomas Cook, Condor said Monday.

The collapse of the deal leaves Condor, which has been profitable, and its 4,900 workers looking for a new way forward as the virus outbreak sharply reduces passenger traffic.

Frankfurt-headquartered Condor said in a statement that PGL, or Polish Aviation Group, “has informed us that they intend to withdraw from the purchase. At this time, we are in talks with PGL in order to define possible conditions for a withdrawal.” PGL didn't immediately respond to an emailed request for comment.

Condor said that the company was “prepared for this scenario” and faced different options for future ownership, including carrying the business forward under a trusteeship. The airline has also applied for state help.

The German government granted Condor a bridge loan to keep it going through the winter and give it time to find a new investor after British owner Thomas Cook collapsed in September.

Latest news about Thomas Cook Group

Altor Fund V AB managed by Altor Equity Partners AB , TDR Capital LLP and Strawberry Group AS cancelled the acquisition of Thomas Cook Northern Europe AB from Thomas Cook Group plc.	30/20/30	CI
Triton cancelled the acquisition of Northern Europe business from Thomas Cook Group.	23/20/23	CI
LOT Polish Airlines S.A. cancelled the acquisition of Condor Flugdienst GmbH from Thomas Cook Group plc and others.	13/20/13	CI
Ionic Invest and Thomas Cook Group plc completed the acquisition of Biblio Globus.	22/20/22	CI
Salaun Holidays SAS acquired Thomas Cook France SAS from Thomas Cook Group plc.	12/20/12	CI
LOT Polish Airlines S.A. agreed to acquire Condor Flugdienst GmbH from Thomas Cook Group plc and others for approximately €380 million.	24/20/24	CI
Russian travel agency Intourist plans IPO after shareholder change	15/19/15	RE
Anex Tour agreed to acquire OAO VAO Intourist from Thomas Cook Group plc.	15/19/15	CI
Emirates airlines first half profit surges on cheaper fuel, cost cuts	07/19/07	RE
Altor Fund V AB managed by Altor Equity Partners AB , TDR Capital LLP and Strawberry Group AS signed an agreement to acquire Thomas Cook Northern Europe AB from Thomas Cook Group plc on October 30, 2019.	30/19/30	CI
Thomas Cook India : Travel firm Thomas Cook's Nordic business strikes deal with new owner	29/19/29	RE
Second Brexit referendum would keep Britain in EU - Virgin's Branson	23/19/23	RE
Brexit insolvency fears boost demand for trade credit insurance	16/19/16	RE
Thomas Cook Germany withdraws bridging loan application - liquidator	16/19/16	RE
Thomas Cook German airline wins EU okay for 380 million German loan	14/19/14	RE
Thomas Cook failure spurs UK to act on airlifting tourists home	12/19/12	RE
Travel firm Thomas Cook gets non-binding offer for Nordic operations	11/19/11	RE
UK accounting watchdog to get 80 more 'teeth'	09/19/09	RE
Rescue talks for Thomas Cook Germany are going well: liquidator	09/19/09	RE
Hays Travel Ltd. acquired Retail portfolio of 555 stores of Thomas Cook Group plc.	09/19/09	CI
Egypt operator owed $7.7 million by Thomas Cook: chairman	01/19/01	RE
UK's business committee to investigate Thomas Cook collapse	26/19/26	RE
Gambia fears tourism crisis after Thomas Cook collapse	26/19/26	RE
Thomas Cook Group plc(LSE:TCG) dropped from FTSE All-Small Index	26/19/26	CI
Ryanair Not Interested In Buying Thomas Cook Airlines	26/19/26	CI

Chart Thomas Cook Group

Duration

Period

More charts

Company Profile

Thomas Cook Group is one of the world's leading tourism groups. It operates through Thomas Cook, Airtours, Neckermann, Condor, Ving, Direct Holidays Sunquest groups. Net sales break down by activity as follows: - sale of holiday packages (67.8%): flights, transfer, accommodation, travel insurance, etc. ; - airline services (32.2%). At the end of September 2018, the group owned 186 hotels and operated a fleet of 100 aircrafts. Net sales break down geographically as follows: the United Kingdom (24%), Germany (37.8%) and Europe (28.2%).

Sector

More about the company