Thomas Cook shares plunge more than 40%

Shares in cash-strapped travel firm Thomas Cook have plunged more than 40% after it confirmed talks with its largest shareholder over a deal which would effectively hand over control of the company.

The firm said it is in advanced discussions with Chinese conglomerate Fosun over a £750 million (€834.94 million) cash injection, paving the way for a sale of its tour operator business.