BERLIN – Creditor banks of the insolvent German retailer Arcandor have sold their stake in the travel firm Thomas Cook Group.
According to traders, the 43.9 percent stake in the London-traded company was sold in a range of 240 pence, or $3.99, to 245 pence, or $4.08, per share.
The consortium of banks, which included Bayern LB, Royal Bank of Scotland Group PLC and Commerzbank AG, sold the shares at a minor discount.
This means the end of Thomas Cook’s relationship with Arcandor. The travel group was Arcandor’s most lucrative company.
On Wednesday Karl-Gerhard Eick stepped down as chairman of Arcandor, which includes the Karstadt department stores. He will be replaced by his deputy Michael Beckett.