That stock News

Agreement, which is subject to EU competition clearance, is likely to lead to hundreds of job losses and see an estimated 70 to 1,200 total branches are closed.

In the agreement, the name of Going Places is likely to disappear from the high street.

The merger will push TUI Travel, leader in the current market to United Kingdom into second place in terms of number of stores, depending on how many transfers his new rival is obliged to do.

"This is the marriage of two more trustworthy, travel retail brands", said Peter Marks, Executive Steering Group of the co-op.

Thomas Cook and the co-op fought dernièrement.Thomas Cook Cup between 300 and 400 jobs in a separate, restructuring exercise while profit co-op travel Division declined by 70pc in the first half of the year.

Manny Fontenla-Novoa, CEO of Thomas Cook, Executive said the market travel in 2010 was "worse than 9/11", due to problems such as volcanic ash.""

Under the terms of the agreement, the combined entity will be owned by Thomas Cook and 30pc by 70pc.Les co-op groups hope to achieve synergies of at least 35 m ￡, primarily from the reduction of costs.

Society will be based at the headquarters of Thomas Cook in Peterborough, which means that up to 200 positions could be assigned to the Office of the co - op de Stoke-on - Trent cooperative .the said yesterday that it will try to find other roles for affected workers.

No money will change hands in the framework of the agreement.

It is estimated that companies will send a ￡ 12 operating profit.4 m and ￡ 0.1 m for the 12 months ending September 30, 2010 and 1 January 2011, respectively.

View the original article here