Fosun buys Thomas Cook, eyes Greek market

Chinese company Fosun has agreed to acquire 75 percent of UK group Thomas Cook’s tour operations and 25 percent of its airline business for 450 million pounds (497 million euros) while the group’s creditors – banks and bondholders – will put up a similar amount to buy 25 percent of the tour business and 75 percent of the airline business.

Fosun, well-known in Greece through its ownership of Club Med, partnership with Lamda Development in the Elliniko project and as a minority shareholder in jewelry and fashion accessories firm Folli Follie, has said it wants to develop the Mediterranean tourist market, including Greece, by attracting Chinese tourists into the area.

To this effect, it wants to create local firms for the marketing of tourist destinations that would employ tour guides and translators, and work closely with suppliers to upgrade services.

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