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Article: Thomson faces bid battle as Preussag stages raid on stock
- Article from:
- The Independent (London, England)
- Article date:
- May 13, 2000
- Author:
CopyrightCopyright 2000 The Independent - London. Provided by ProQuest LLC. (Hide copyright information)
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BRITAIN'S Thomson Travel Group is facing a potential bid battle
after a raid on its shares by Preussag, the German travel firm that
owns Thomas Cook in the UK. The move came as Thomson started talks
with C&N Touristic, a rival German holiday company, on an agreed 160p
per share deal valuing Thomson at pounds 1.6bn.
Preussag did not confirm that it was buying Thomson shares in the
market, although the stock was being acquired by Goldman Sachs, which
acts for the German group.
It was unclear how much of the equity Preussag had picked up,
though volume in Thomson shares reached 137.4 million, equivalent to
13.7 per cent of Thomson's equity. Thomson shares closed 19.25p
higher at 162.25p, ...