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| Version 3 | Version 4 |
|---|---|
| MyTravel and Thomas Cook merging | MyTravel and Thomas Cook merging |
| (about 3 hours later) | |
| Holiday companies MyTravel and Thomas Cook have announced they are to merge. | Holiday companies MyTravel and Thomas Cook have announced they are to merge. |
| The deal comes after UK-based MyTravel returned to profit for the first time since 2001 in December, having cut both costs and the number of holidays sold. | The deal comes after UK-based MyTravel returned to profit for the first time since 2001 in December, having cut both costs and the number of holidays sold. |
| The parent company of the enlarged group will be named Thomas Cook Group, based in the UK and listed in London. | The parent company of the enlarged group will be named Thomas Cook Group, based in the UK and listed in London. |
| MyTravel and Germany's KarstadtQuelle, which owns Thomas Cook, said the firm will operate in the UK, Scandinavia, Ireland, western Europe, and Canada. | MyTravel and Germany's KarstadtQuelle, which owns Thomas Cook, said the firm will operate in the UK, Scandinavia, Ireland, western Europe, and Canada. |
| Shares in MyTravel were up almost 30% in mid-afternoon trading on the London Stock Exchange, while shares in KarstadtQuelle were up almost 5% on the Frankfurt Stock Exchange. | |
| 'Household name' | 'Household name' |
| The merger, planned for completion by June, could result in cost savings of £75m a year across the businesses. | The merger, planned for completion by June, could result in cost savings of £75m a year across the businesses. |
| Michael Beckett, chairman of MyTravel, said: "Thomas Cook is a household name and the joining of the two groups will create an even stronger force in this highly competitive market." | Michael Beckett, chairman of MyTravel, said: "Thomas Cook is a household name and the joining of the two groups will create an even stronger force in this highly competitive market." |
| The combined organisations will offer customers unrivalled choice Thomas Middelhoff, chairman Thomas Cook See MyTravel share price | The combined organisations will offer customers unrivalled choice Thomas Middelhoff, chairman Thomas Cook See MyTravel share price |
| The enlarged group will be 52% owned by KarstadtQuelle and 48% owned by the shareholders of MyTravel. | The enlarged group will be 52% owned by KarstadtQuelle and 48% owned by the shareholders of MyTravel. |
| It will be led by a board drawn from MyTravel, Thomas Cook and KarstadtQuelle, with additional independent non-executive directors. | It will be led by a board drawn from MyTravel, Thomas Cook and KarstadtQuelle, with additional independent non-executive directors. |
| 'Quality' holidays | 'Quality' holidays |
| The group will be chaired by Thomas Middelhoff, chief executive of KarstadtQuelle and chairman of Thomas Cook, deputy chaired by Michael Beckett, chairman of MyTravel. | The group will be chaired by Thomas Middelhoff, chief executive of KarstadtQuelle and chairman of Thomas Cook, deputy chaired by Michael Beckett, chairman of MyTravel. |
| It will be managed on an interim basis by joint chief executives Peter McHugh, chief executive of MyTravel, and Manny Fontenla-Novoa, chief executive of Thomas Cook. | It will be managed on an interim basis by joint chief executives Peter McHugh, chief executive of MyTravel, and Manny Fontenla-Novoa, chief executive of Thomas Cook. |
| Thomas Middelhoff, CEO of KarstadtQuelle and chairman of Thomas Cook said: "The combined organisations will offer customers unrivalled choice and quality for their holiday and leisure time in all of the markets in which we operate." | Thomas Middelhoff, CEO of KarstadtQuelle and chairman of Thomas Cook said: "The combined organisations will offer customers unrivalled choice and quality for their holiday and leisure time in all of the markets in which we operate." |
| The German retailer agreed to buy the half of Thomas Cook it did not own from Deutsche Lufthansa in December for 800m euros. | The German retailer agreed to buy the half of Thomas Cook it did not own from Deutsche Lufthansa in December for 800m euros. |
| After announcing the merger MyTravel and Thomas Cook said they had no intention of bidding for rival UK holiday firm First Choice's package-holiday business. | After announcing the merger MyTravel and Thomas Cook said they had no intention of bidding for rival UK holiday firm First Choice's package-holiday business. |
| First Choice's shares were behind in early morning trade in London. | First Choice's shares were behind in early morning trade in London. |