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First Choice in bid to drum up Kuoni support


FIRST Choice is drawing shareholders’ attention to the key issues surrounding the European Commission’sinvestigation into the Airtours takeover.



The move is part of an attempt to drum up last-minute support for First Choice’s merger with Kuoni.



The document also reiterates that if Airtours is forced to sell off parts of First Choice, it could not hope to achieve the same £35m cost savings outlined in the original offer. Shareholders have until Thursday to accept the Kuoni deal.



Among the issues First Choice believe the EC will examine are whether leaving just three major players in the industry would lead to collaboration and whether new competition would be stifled.



Airtours chairman David Crossland said he was surprised that First Choice continued to be hostile towards the Helmshore operator.



Thomas Cook and fund management company Phillips and Drew – which both hold 10% stakes in First Choice – are expected to wait for another Airtours bid while investment firm M&G, also a 10% shareholder, is thought to be backing the Kuoni deal.


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