Travel group Thomas Cook has recovered from its earlier losses, which came as its majority shareholder Arcandor, the German retailer, slid slowly closer to insolvency.
Indeed Thomas Cook is now the leading riser in the FTSE 100 index, having at one point today been the leading faller. Its shares - which fell as low as 206p - are now up 10.75p at 225p.
The turnaround is based on the prospect of a resolution - one way or another - of the problems at Arcandor, which owns around 52% of Thomas Cook. At least insolvency would clear the air, and allow the stake to be distributed elsewhere.
One destination could be rival German group Rewe, which reportedly said today it would look at Thomas Cook if it came on the market, and has the strength to make further acquisitions if the opportunity arose.
