Thomas Cook's package deal with Co-op in watchdog probe

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The Office of Fair Trading now has 45 days to decide whether to refer the non-cash deal to the Competition Commission for a full-scale probe.

The European Commission said a preliminary investigation showed Thomas Cook's deal to buy the travel businesses of Co-operative Group and Midlands Co-operative Society "threatens to give rise to competition concerns in the market for holiday distribution, in particular of package holidays, in the UK".

The OFT said last month its initial view of the tie-up was that it significantly threatened competition in the supply of package holidays sold through retail travel agencies in the UK.

With more than 1300 shops, the newly formed company would be the UK's largest travel agent and second-biggest High Street foreign exchange outlet after the Post Office.

In October, Thomas Cook, the Co-op and Midlands Co-op announced plans to merge their High Street travel businesses in a move expected to cost hundreds of UK jobs.

Savings of around £35 million a year are expected from the merger.