| Journal: TWUK | Section: |
| Title: | Issue Date: 22/05/00 |
| Author: | Page Number: 2 |
| Copyright: Other |
Frenzel approach incited by C&N Touristic bid
C&NTouristic’s approach to Thomson was the spur for rival German operator Preussag to strike a deal with the UK market leader.Preussag’s £1.8bn offer for Thomson trumped earlier offers of £1.3bn and £1.45bn from C&N. Preussag chief executive Dr Michael Frenzel admitted:”We have been looking at Thomson for some time but we would probably not have come in at this time.
“But C&N’s approach opened Thomson’s mind to the possibility of a takeover. We would not have been interested without the consent of the Thomson management.”
Frenzel, however, denied the approach was simply a defensive bid to maintain its position as market leader in Europe and refuted suggestions that the purchase would have been cheaper in February, when the share price was just 69p.
“This is a pro-active move, not a defensive one,” he said.
“Months ago we would not have got the company so cheaply because the bidding process would have started and pushed the price up.”