| Journal: TWUK | Section: |
| Title: | Issue Date: 19/06/00 |
| Author: | Page Number: 8 |
| Copyright: Other |
Comment
Big deal -Êwho’s in the next Euro tie-up?
T he favourite guessing game in the industry at the moment is: what’s going to be the next big deal?Consolidation in Europe is going to continue but when and where is harder to predict.
Preussag’s takeover of Thomson is a certainty, provided it doesn’t get blocked by regulatory authorities. That other German giant, C&N, which was pipped at the post for Thomson, is now playing a clever waiting game.
The dream deal is a merger with Airtours but chairman David Crossland will not easily give up control.
C&N has also been linked with Thomas Cook but Carlson has got an option to take over the retailer on very favourable terms and is surely likely to do so, before bringing in a European partner. Kuoni is still tipped as the favourite to make up a formidable threesome.
Meanwhile, First Choice has quietly been doing some clever deals and will surely be part of the big picture.
Over at Thomson, there’s euphoria at the thought of being Europe’s biggest but the reality of working for the Germans, who think they are right on everything from contracting to discounting, has yet to sink in. Sources suggest Thomson will find that there is Preussag’s way of doing things and the wrong way.
Will Thomson chief executive Charles Gurassa hang around to report into Preussag after pocketing a whopping £3.5m for six months work?I wouldn’t.
Jeremy Skidmore – editor