HOSTILE BID DENIED
Hogg Robinson has denied reports that a minority shareholder has launched a hostile bid for the company. Chief executive David Radcliffe said Active Value, a 4% shareholder, has come up with a £275m plan to increase value for the group, but stressed it is not a bid to buy it. Radcliffe said:”It’s an idea they have got which we will talk through with them. If it makes any sense we will develop it further.”
SARTRAVEL BUYOUT
Specialist operator Southern Africa Travel has bought SARtravel for an undisclosed sum. Southern Africa Travel carries 2,500 passengers a year and has offices in Godalming and York, while SARtravel operates out of London carrying 1,200 passengers.
NEW FERRY FOR P&O
P&O Portsmouth may introduce a larger fast ferry on its Portsmouth-Cherbourg route next summer in order to meet demand. Its current vessel, the 800-passenger, 175-car capacity SuperStar Express carried 325,000 passengers and 93,000 cars in the summer season from March 20 to October 17 this year.
RENAISSANCE CHANGE
KDRiver Cruises’ UK arm has changed its name to Travel Renaissance in order to better reflect the range of product in its programme.
AIRTOURS RETHINK
Airtours is believed to be having second thoughts about acquiring Global Travel Group after holding talks with the organisation. Sources said the operator is unhappy about the asking price of around £50m and is now seeking other ways of working with the group.