Thomas Cook Plans Acquisitions In Germany, Russia, China

17th Jun 2010 08:05

FRANKFURT (Dow Jones)--Thomas Cook Group PLC (TCG.LN) plans to expand in the coming years by making acquisitions in Germany, Russia and China, Chief Executive Officer Manny Fontenla-Novoa told journalists late Wednesday. Fontenla-Novoa said the purchase of a Russia tourism company is likely to be completed within weeks, following fairly long negotiations. He declined to name the company. The Russian market is interesting, he said, noting the most frequent travel destinations are Egypt and Turkey. The company aims to make locations such as Greece and Spain attractive in future, he added. Thomas Cook also wants to expand operations in Germany, its second largest market following the U.K., Fontenla-Novoa said. There is no lack of buying opportunities in Germany, although prices remain high, he added. "We have time and can wait," Fontenla-Novoa said. In Germany, Thomas Cook would like to buy a tourism company that would broaden the group's existing operations, such as a travel group which offers specific destinations that can be serviced by Condor airlines, which belongs to the group, or an internet booking service, he said. No acquisition in China is imminent, though talks are underway, Fontenla-Novoa said. -By Kirsten Bienk, Dow Jones Newswires, +49 (0)40 3574 3116, [email protected] (END) Dow Jones Newswires June 17, 2010 03:05 ET (07:05 GMT)