London — The world’s oldest travel company Thomas Cook edged closer to a break-up on Monday after its biggest shareholder, China’s Fosun Tourism, made a preliminary approach for the British group’s core holiday operations.

The 178-year-old company, battered by waning demand for its package holidays, high debt and a hot 2018 summer in Europe which deterred bookings, is also weighing approaches for its airline business and Nordic operations as it seeks to raise cash...

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