Thomas Cook share price climbs as stake placed

Thomas Cook’s share price climbed 7p to 253p after creditor banks for insolvent German retailer Arcandor completed the placing of a 43.9 percent stake in travel firm, in one of the biggest share placings in Britain in recent years.

The placing removes any uncertainty about the threat of a takeover and the future ownership of the stake. The move provided a further sign of enthusiasm returning to the stock market. Rival TUI Travel also saw its share price go up 15.8p to 272.5p.

The consortium of banks, which included BayernLB, Royal Bank of Scotland and Commerzbank, placed 376,625,636 ordinary shares in Thomas Cook on Thursday at a price of 240 pence per share, a small discount to Wednesday’s closing price of 245 pence.

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