Thomas Cook, the UK-based travel company, has launched a joint venture with Chinese company Fosun to take its package holidays to China.
In partnership with Fosun International, which bought a 5 per cent stake in Thomas Cook for £91.8 million, the UK-listed holiday company will invest 15 million renminbi (£1.56 million) to get the venture off the ground. Earlier this year Fosun bought the Club Med holiday empire for €939 million (£679 million) after a long bidding war with Andrea Bonomi, the Italian billionaire.
Shanghai-based investment firm Fosun will have a 51 per cent stake in the new joint venture with Thomas Cook owning the rest. Peter Fankhauser, the British holiday company’s chief executive, said the move was a “significant milestone” in its partnership with