Thomas Cook eyes €740m First Choice

THOMAS COOK was said to be eyeing up the £500 million (€740m) package holiday arm of First Choice Holidays.

The Sunday Telegraph said German-owned Thomas Cook was expected to begin formal takeover discussions with First Choice shortly.

First Choice last week confirmed it was in preliminary discussions with a number of suitors over the sale of its mainstream business, which runs 32 aircraft, has more than 300 high street outlets, and is responsible for taking 2.5 million customers on holiday every year.

Rival firm MyTravel said it was in talks with First Choice over a deal although analysts suggested Thomas Cook could also be interested.