Travel firms to merge

Tour operators MyTravel and Thomas Cook today announced plans to merge.

The proposed combination between Airtours owner MyTravel and German-owned Thomas Cook will create a new company called Thomas Cook Group, with its headquarters in the UK. The tie-up is planned for completion by June.

The proposals, which have been backed by the boards of both companies, are expected to result in cost savings of £75m (€112.4m) a year across the businesses.