OFT requests final say on Thomas Cook/Co-op merger

3rd Dec 2010 11:52

The Office of Fair Trading wants jurisdiction over the planned merger of holiday company Thomas Cook and the Co-operative Group's high street travel agents and foreign exchange businesses.It made the request to the European Commission on grounds that the case solely relates to the UK. The EC must make a decision by 6 January next year.If it says yes, the OFT will have up to forty five working days to reach a decision."We always new that this request was a possibility and we will continue to work closely with the relevant authorities," Thomas Cook chief Manny Fontenla-Novoa said."We remain confident that the transaction will be cleared in due course." The merger, if approved, will create Britain's largest high street travel network with over 1,200 shops - 803 Thomas Cook and 401 Co-op - and result in savings of more than £35m a year. Thomas Cook will own 70% of the new company, which will rank as the second largest provider of retail foreign exchange, and the Co-op 30%. The deal doesn't involve any cash.