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Thomas Cook AG was the parent company of Thomas Cook, Condor Airlines and other such subsidiaries until
12 February 2007 when Thomas Cook AG announced that it had merged with
MyTravel Group (former). The new combined company was named
Thomas Cook Group plc.
It was originally incorporated on
November 1 1997 as "C&N Touristic AG" but the name was changed following the 2002 acquisition of Thomas Cook. The group is jointly owned by
Lufthansa and
Karstadt, However Karstadt took control of the company two days before Christmas 2006 by buying the half-share owned by Lufthansa, the German airline.Karstadt paid €800m (£540m), though Lufthansa will for at least the next two years retain a stake in Condor Airlines, Thomas Cook's in-house airline in Germany.
Worldwide
Thomas Cook Worldwide has 5 wholly owned subsidiaries Thomas Cook UK, Thomas Cook Netherlands, Thomas Cook France, Thomas Cook Belgium, Thomas Cook Destinations and majority holdings in Condor Flugdienst and TC Touristik. Thomas Cook used to have a franchise agreement in the Middle East - Specifically in the United Arab Emirates through a licensee agreement it had with a local group called the Al Rostamani Group. The venture has now been terminated after The Thomas Cook brand name was sold to Dubai Holdings which plans to use it in the Middle East.
In the
United Kingdom, Thomas Cook conforms to the model of a 'vertically integrated travel company' operating an airline, a retail arm and also a tour operator. This tour operator division has previously been known as Thomas Cook Tour Operations but in early 2006 was restructured as the 'Holidays Division', incorporating the previously separate Thomas Cook Signature brand alongside the Thomas Cook, JMC and Sunset brands. The 'Specialist Products' division includes Uptrips (including the
Club 18-30 brand), Style, Neilson Active Holidays and Sunworld Ireland.
In 1999, Thomas Cook AG sold off its worldwide Foreign Exchange business to Travelex to concentrate only on tours and holidays.After the market depression, particularly following September 11, 2001 attacks, Thomas Cook AG had started a disinvestment programme by disposing off some of its subsidiaries and business ventures to follow a highly flexible business model and become an asset light company with minimum capital tie up. The business focuses on Europe for the sale of
package holidays and tailor-made holidays for customers specific requirements.
On
December 21 2005, Thomas Cook AG, sold off Thomas Cook International Markets, a venture which includes 60% of the stake in Thomas Cook India Ltd to Dubai Financial LLC, a part of the Dubai Investment Group (DIG) which manages the financial and real estate interests of HH Sheikh Mohammed bin Rashid Al Maktoum, ruler of Dubai. Thomas Cook India is a profitable venture which offers a broad band of services like package tours, currency exchange and travel insurance besides hotel and flight reservations. Thomas Cook India has been in existence for 124 years and operates 60 offices across various locations. Thomas Cook India has branches in Sri Lanka and Mauritius and reported sales of €23.3 million. After the take over by Dubai Financial LLC, Thomas Cook India has taken over LKP forex, one of India's leading foreign exchange houses and more recently The Travel Corporation of India (TCI) India's leading travel and tourism corporation.
Following this, Thomas Cook Overseas Limited, a wholly owned subsidiary of Thomas Cook UK was sold off, this time again to Dubai Financial LLC. (Thomas Cook Overseas Ltd consists of 19 travel agencies, 22 currency exchanges in Egypt with 371 employees and during the 2005 business year had a turnover of just under €6 million).
Thomas Cook AG soon entered the market again, this time to sell off two more of its subsidiaries - Thomas Cook Thailand and Thomas Cook Middle East both to Dubai Financial LLC. Thomas Cook Middle East consists of the Middle East region, which has experienced a boom in travel and tourism, especially in places like Dubai, Qatar, Oman and so on. Thomas Cook Lebanon S.A.L. had started in June 2004 providing travel and financial services. The company also operates a travel agency and a currency exchange in Beirut. Dubai Financials has planned an aggressive expansion strategy for its newly acquired arms.
Thomas Cook Canada was sold to Transat A.T in 2006, marking Thomas Cooks exit from the North American market in terms of its own retailer.
On 12 February
2007, Thomas Cook AG announced that they had agreed terms on a merger with MyTravel Group PLC. The merger is subject to shareholders of MyTravel giving their approval at an
Extraordinary General Meeting on a date to that is yet to be decided upon. The parent company of the enlarged group will be named Thomas Cook Group plc with its headquarters in the UK and listed in London.{{cite press release | title =MERGER OF MYTRAVEL GROUP PLC AND THOMAS COOK AG TO CREATE A LEADING INTERNATIONAL LEISURE TRAVEL COMPANY
| publisher =MyTravel Group plc
| date =2007-02-12
| url =http://www.mytravelgroup.com/AniteNextPage.asp?p=PLCNEWSARTICLE_72348&s=420465291
| accessdate =2007-02-12 -->
On
12 June 2007, Thomas Cook informed staff at the Bangor branch that they must conduct work related conversations with colleagues in English rather than Welsh. This action was greeted with mass coverage by local and national media. The racial Commission for Racial Equality stated that their action was illegal and that an investigation would be held unless the company would back down. On the afternoon of 12 June 2007, the pressure group Cymuned held a picket outside the branch. The campaigners placed stick tape over their mouths to demonstrate their anger towards the company policy. Thomas Cook stated that it was company policy that staff in all of their offices should conduct business in English.{{cite web | last =
| first =
| authorlink =
| coauthors =
| title =Thomas Cook Welsh rule 'unlawful'
| work =
| publisher =[BBC News Online
| date =[2007-06-11
| url =http://news.bbc.co.uk/1/hi/wales/6739935.stm
| format =
| doi =
| accessdate =2007-06-12 -->
Companies
The companies in Thomas Cook AG include:
Clearance by the
Directorate-General for Competition (European Commission) was granted on 4 May for the merger of Thomas Cook and Mytravel forming the new Thomas Cook Group PLC (TCG) www.mytravelgroup.com
Trivia
Thomas Cook UK is currently the principal sponsor of FA Premier League side
Manchester City F.C., with the corporate logo displayed on the club's shirts. From the 2007-08 in English football season, Thomas Cook's website will be displayed on City shirts.{{cite web| year = 2006
| url = http://www.mcfc.co.uk/default.sps?pagegid=%7B040DB726-0BEA-42EB-B38A-7911B5205ADE%7D
| title = Manchester City: official sponsors
| format = HTML
| publisher = Manchester City F.C.
| accessmonthday=7 August
| accessyear = 2006
--> Thomas Cook AG is the official travel partner of
Chelsea F.C..
References
Thomas Cook AG was the parent company of Thomas Cook, Condor Airlines and other such subsidiaries until
12 February 2007 when Thomas Cook AG announced that it had merged with MyTravel Group (former). The new combined company was named
Thomas Cook Group plc.
It was originally incorporated on
November 1 1997 as "C&N Touristic AG" but the name was changed following the 2002 acquisition of Thomas Cook. The group is jointly owned by Lufthansa and
Karstadt, However Karstadt took control of the company two days before Christmas 2006 by buying the half-share owned by Lufthansa, the German airline.Karstadt paid €800m (£540m), though Lufthansa will for at least the next two years retain a stake in Condor Airlines, Thomas Cook's in-house airline in Germany.
Worldwide
Thomas Cook Worldwide has 5 wholly owned subsidiaries Thomas Cook UK, Thomas Cook Netherlands, Thomas Cook France, Thomas Cook Belgium, Thomas Cook Destinations and majority holdings in Condor Flugdienst and TC Touristik. Thomas Cook used to have a franchise agreement in the Middle East - Specifically in the United Arab Emirates through a licensee agreement it had with a local group called the
Al Rostamani Group. The venture has now been terminated after The Thomas Cook brand name was sold to Dubai Holdings which plans to use it in the Middle East.
In the
United Kingdom, Thomas Cook conforms to the model of a 'vertically integrated travel company' operating an airline, a retail arm and also a tour operator. This tour operator division has previously been known as Thomas Cook Tour Operations but in early 2006 was restructured as the 'Holidays Division', incorporating the previously separate Thomas Cook Signature brand alongside the Thomas Cook, JMC and Sunset brands. The 'Specialist Products' division includes Uptrips (including the
Club 18-30 brand), Style, Neilson Active Holidays and Sunworld Ireland.
In 1999, Thomas Cook AG sold off its worldwide Foreign Exchange business to
Travelex to concentrate only on tours and holidays.After the market depression, particularly following
September 11, 2001 attacks, Thomas Cook AG had started a disinvestment programme by disposing off some of its subsidiaries and business ventures to follow a highly flexible business model and become an asset light company with minimum capital tie up. The business focuses on Europe for the sale of package holidays and tailor-made holidays for customers specific requirements.
On
December 21 2005, Thomas Cook AG, sold off Thomas Cook International Markets, a venture which includes 60% of the stake in Thomas Cook India Ltd to Dubai Financial LLC, a part of the Dubai Investment Group (DIG) which manages the financial and real estate interests of HH Sheikh Mohammed bin Rashid Al Maktoum, ruler of Dubai. Thomas Cook India is a profitable venture which offers a broad band of services like package tours, currency exchange and travel insurance besides hotel and flight reservations. Thomas Cook India has been in existence for 124 years and operates 60 offices across various locations. Thomas Cook India has branches in Sri Lanka and Mauritius and reported sales of €23.3 million. After the take over by Dubai Financial LLC, Thomas Cook India has taken over LKP forex, one of India's leading foreign exchange houses and more recently The Travel Corporation of India (TCI) India's leading travel and tourism corporation.
Following this, Thomas Cook Overseas Limited, a wholly owned subsidiary of Thomas Cook UK was sold off, this time again to Dubai Financial LLC. (Thomas Cook Overseas Ltd consists of 19 travel agencies, 22 currency exchanges in Egypt with 371 employees and during the 2005 business year had a turnover of just under €6 million).
Thomas Cook AG soon entered the market again, this time to sell off two more of its subsidiaries - Thomas Cook Thailand and Thomas Cook Middle East both to Dubai Financial LLC. Thomas Cook Middle East consists of the Middle East region, which has experienced a boom in travel and tourism, especially in places like Dubai, Qatar, Oman and so on. Thomas Cook Lebanon S.A.L. had started in June 2004 providing travel and financial services. The company also operates a travel agency and a currency exchange in Beirut. Dubai Financials has planned an aggressive expansion strategy for its newly acquired arms.
Thomas Cook Canada was sold to Transat A.T in 2006, marking Thomas Cooks exit from the North American market in terms of its own retailer.
On
12 February 2007, Thomas Cook AG announced that they had agreed terms on a merger with MyTravel Group PLC. The merger is subject to shareholders of MyTravel giving their approval at an Extraordinary General Meeting on a date to that is yet to be decided upon. The parent company of the enlarged group will be named Thomas Cook Group plc with its headquarters in the UK and listed in London.{{cite press release | title =MERGER OF MYTRAVEL GROUP PLC AND THOMAS COOK AG TO CREATE A LEADING INTERNATIONAL LEISURE TRAVEL COMPANY
| publisher =MyTravel Group plc
| date =2007-02-12
| url =http://www.mytravelgroup.com/AniteNextPage.asp?p=PLCNEWSARTICLE_72348&s=420465291
| accessdate =2007-02-12 -->
On 12 June 2007, Thomas Cook informed staff at the Bangor branch that they must conduct work related conversations with colleagues in English rather than Welsh. This action was greeted with mass coverage by local and national media. The racial Commission for Racial Equality stated that their action was illegal and that an investigation would be held unless the company would back down. On the afternoon of 12 June 2007, the pressure group Cymuned held a picket outside the branch. The campaigners placed stick tape over their mouths to demonstrate their anger towards the company policy. Thomas Cook stated that it was company policy that staff in all of their offices should conduct business in English.{{cite web | last =
| first =
| authorlink =
| coauthors =
| title =Thomas Cook Welsh rule 'unlawful'
| work =
| publisher =[BBC News Online
| date =[2007-06-11
| url =http://news.bbc.co.uk/1/hi/wales/6739935.stm
| format =
| doi =
| accessdate =2007-06-12 -->
Companies
The companies in Thomas Cook AG include:
Clearance by the
Directorate-General for Competition (European Commission) was granted on
4 May for the merger of Thomas Cook and Mytravel forming the new Thomas Cook Group PLC (TCG) www.mytravelgroup.com
Trivia
Thomas Cook UK is currently the principal sponsor of FA Premier League side Manchester City F.C., with the corporate logo displayed on the club's shirts. From the 2007-08 in English football season, Thomas Cook's website will be displayed on City shirts.{{cite web| year = 2006
| url = http://www.mcfc.co.uk/default.sps?pagegid=%7B040DB726-0BEA-42EB-B38A-7911B5205ADE%7D
| title = Manchester City: official sponsors
| format = HTML
| publisher = Manchester City F.C.
| accessmonthday=7 August
| accessyear = 2006
--> Thomas Cook AG is the official travel partner of
Chelsea F.C..
References
Thomas Cook Ag
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Thomas Cook AG (former) - Wikipedia, the free encyclopedia
This article contains historical information about Thomas Cook AG until its merger with My Travel - for the new company see - Thomas Cook Group
