Pichler sets limit on UK investment

Acquisition

Pichler sets limit on UK investment

C&N Touristic chief executive Stefan Pichler has vowed not to pay above the odds in its bid to enter the UK market.

He insisted he has set a ceiling price for an acquisition, which will not increase even if it scuppers any deals.

Pichler’s comments come despite predictions from analysts that C&N was closing in on acquiring full control of Thomas Cook as revealed by Travel Weekly on September 9.

Pichler declined to comment on any talks involving Thomas Cook or Airtours but stressed he would not be rushed into a deal.

“As a pan-European company, of course we would be interested in the UK and we shall see how things develop,” he said.

“People have said we need to do a deal by the end of the year but there is no deadline. Our ambition is to play a major role in the European market and I want to be number one as I hate to lose.

“But you have to set yourself a final line and I will not pay more than the true value of a company.”

Pichler also took a swipe at its German rival Preussag for paying too much for Thomson.

“The share price fell sharply after they completed the deal,” he said.

Pichler: will not pay over the odds for a company