A German newspaper report states that Lufthansa has agreed to sell its 50 percent stake in tourism group Thomas Cook AG to joint venture partner KarstadtQuelle, dealers said. Handelsblatt reported that under the deal, KarstadtQuelle—which already owns 50 pct of Thomas Cook—will acquire the remaining shares from Lufthansa for a potentially high triple-digit million euro deal.

Thomas Cook’s Condor airline will in return be reintegrated into the Lufthansa group.

Karstadt Chief Executive Thomas Middelhoff and Lufthansa Chief Exeuctive Wolfgang Mayrhuber have reached an agreement in principle on the matter, the newspaper says.

A KarstadtQuelle spokesman described the report as speculation and declined to comment further on it, Handelsblatt said.

A Lufthansa spokesman told the newspaper the company is not currently in talks about divesting its Thomas Cook stake.

Newspaper Web site: http://www.handelsblatt.de
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