Thomas Cook Group Plc said it would sell a distributor of long-haul scheduled flights as the world’s oldest tour operator pared its first-quarter loss by 15 percent amid a three-year turnaround program.
Manchester Airports Group reaped an early traffic boost from its 1.5 billion-pound ($2.5 billion) purchase of London Stansted in March, with passenger numbers at the low-cost hub growing for the first time since 2007.
Thomas Cook Group Plc snapped two years of operating losses, sending the stock to its biggest gain in six months, after the 172-year-old U.K. tour operator cut jobs, streamlined brands and closed failing retail outlets.
Ocado Group Plc, the Internet-only grocer that last year was fighting for survival, is Europe’s best performing major stock this year after an agreement with William Morrison Supermarkets Plc transformed its outlook.
Thomas Cook Group Plc and the Co- operative Group Ltd. plan to merge their U.K. travel and foreign-exchange units in a deal that will create a 1,200-store chain and save more than 35 million pounds ($55 million) a year.
Thomas Cook Group Plc, the 172-year- old tour operator that required an emergency loan 18 months ago, plans to raise 1.6 billion pounds ($2.4 billion) to restructure its borrowings as it cuts jobs and closes stores to pare costs.
European stocks posted their biggest weekly gain since October, completing a third consecutive monthly increase, after reports on consumer confidence and the unemployment pointed to a strengthening economy in the region.