Thomas Cook’s share price closed up 10.8p yesterday at 245p after the threat of a takeover was removed.
The banks speaking for 43.9% of the company announced that they have completed a placing of shares with institutional investors to raise almost £900 million.
Following the collapse of TC’s majority owner, Arcandor, in June, three creditor banks, Bayern LB, Commerzbank and RBS, took control of Arcandor’s 52.8% holding.
Former Arcandor chief executive, Dr Karl-Gerhard Eick, has stepped down as a director and chairman of the board to be replaced by non-executive deputy chairman, Michael Beckett, previously chairman of MyTravel.
Analysts said the sale ends the uncertainty hanging over Thomas Cook about a possible takeover.
Rival TUI Travel also saw its share price rise 15.8p to 272.5p.
By Bev Fearis
