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MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  Fosun International Limited    0656   HK0656038673

FOSUN INTERNATIONAL LIMITED

(0656)
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Thomas Cook shares, bonds rally on report of suitors circling

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04/23/2019 | 06:24am EDT
FILE PHOTO -  Illustration photo of a Thomas Cook logo

(Reuters) - Shares and bonds in Thomas Cook Group Plc rallied on Tuesday after a media report said the British travel company was approached by several parties about a possible takeover of its tour operating unit or the entire business.

The report of takeover interest from private equity firms helped to quell worries about the world's oldest tour operator's £1.7 billion of debt that have wiped two thirds off its market value over the past six months.

Citing unnamed sources, Sky News reported over the weekend that U.S. private equity firm KKR & Co and Swedish buyout group EQT Partners were potential bidders for the group. China's Fosun International, which owns a 17 percent stake in the company, was understood to be among those to have lodged preliminary interest in the tour business, it added.

Thomas Cook has brought in advisers from AlixPartners to work on its balance sheet and cost-reduction plans, while its syndicate of more than a dozen lenders has hired FTI Consulting to advise on their financial exposure to the company, the report added.

A spokesman for the company declined to comment on the report.

The company's shares listed on London's small-cap index were 16.2 percent in late morning trade and the price of the company's 2022 euro-denominated bonds rose more than 6 percent, according to Tradeweb.

Both were set for their best daily performance since early December.

The cost of insuring debt issued by the company against default eased to 24 basis points to its lowest in weeks from 28 previously, IHS Markit data showed.

The report comes after Thomas Cook put its airline business up for sale and closed stores in February, after a heatwave in northern Europe last summer deterred holidaymakers from booking last-minute deals, leading to two profit warnings and speculation among investors that it might need to raise funds.

Thomas Cook last month announced a review of its money division in its latest step to streamline operations and focus on its core holiday business.

(Reporting by Samantha Machado in Bengaluru and Josephine Mason in London; additional reporting by Georgina Prodhan in London; Editing by Bernard Orr/Keith Weir)

Stocks mentioned in the article
ChangeLast1st jan.
FOSUN INTERNATIONAL LIMITED 3.76% 9.65 End-of-day quote.-15.65%
FOSUN TOURISM GROUP End-of-day quote.
THOMAS COOK GROUP 7.97% 8.368 Delayed Quote.-72.15%
VALUE8 N.V. 2.22% 5.52 Delayed Quote.16.46%
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Financials (CNY)
Sales 2019 121 B
EBIT 2019 26 052 M
Net income 2019 14 927 M
Debt 2019 79 768 M
Yield 2019 4,11%
P/E ratio 2019 4,91x
P/E ratio 2020 4,54x
EV / Sales2019 1,27x
EV / Sales2020 1,30x
Capitalization 74 094 M
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Technical analysis trends FOSUN INTERNATIONAL LIMITE
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 11
Average target price 14,54  CNY
Last Close Price 8,67  CNY
Spread / Highest target 84,5%
Spread / Average Target 67,6%
Spread / Lowest Target 23,9%
EPS Revisions
Managers
NameTitle
Qun Bin Wang Chief Executive Officer & Executive Director
Qi Yu Chen Co-President & Executive Director
Xiao Liang Xu Co-President & Executive Director
Guang Chang Guo Chairman
Can Wang Chief Financial Officer, Executive Director & SVP
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