AIRTOURS is expected to take control of First Choice by the end of June provided the European Commission approves its bid for the operator.
The EC is expected to make a decision on Thursday after the UK Government said it will not investigate the matter. The statement heightened expectation that the deal will go through, leading to a sharp rise in the share value of both operators.
Airtours closed at 517p and First Choice at 239.5p as Travel Weekly went to press.
Airtours already has support from over 50% of First Choice shareholders and finance director Tim Byrne said if it is given the green light by the EC, it would take another month before shareholder acceptances were received.
“Then we take control,” said Byrne. The planned First Choice/Kuoni merger can only survive if the EC blocks the Airtours bid.