“We remain a completely independent and separate business”: Thomas Cook

Thomas Cook Group PLC has stated that it hasn’t received an offer for the company and isn’t engaged in acquisition talks after parent Arcandor AG  filed for insolvency.

Arcandor applied for bankruptcy yesterday after Angela Merkel, the German Chancellor, refused to provide €437 million (£377 million) of state aid, accusing its shareholders and backers of not presenting a sustainable plan that would protect taxpayers’ money. The bankruptcy filing covers the Karstadt department stores, the Primondo Gmb mail order operation and the Quelle catalogue business but excludes Thomas Cook, which remains ring-fenced.  

Arcandor has pledged shares in Thomas Cook to guarantee loans, reportedly said chief executive Manny Fontenla-Novoa. 

“We remain a completely independent and separate business,” he said. “There is no impact whatsoever on our aircraft or our hotel relationships, nor on the holidays that we provide to our customers. It remains very much business as usual at Thomas Cook.” 

Confusion reigns over the ownership of Arcandor's 53 percent stake in the British tour operator, which was used as collateral against its debts. It is being shared that a consortium of lenders, including state-owned Royal Bank of Scotland, could now lay claim to the stock. 

A report filed by Telegraph.co.uk indicated that two directors nominated by Arcandor, including the German group’s chief executive Karl-Gerhard Eick, are likely to remain on the Thomas Cook board in the immediate future. 

Fontenla-Novoa said that the only potential problem for the group could be the effect on its share price. 

“In terms of the impact on our share price, this has been rumbling on since September last year and therefore is not a surprise to anybody,” he said.  

It is understood that the 53pc stake in Thomas Cook will remain in the hands of Arcandor until administrators make a decision about its ownership.