TOUR operator Thomas Cook said it was “business as usual” despite the collapse of its German majority shareholder.

The holiday giant sought to reassure customers and staff they would not be affected by Arcandor’s move.

Retail group Arcandor, which owns a 52.8% stake in Thomas Cook, filed for bankruptcy protection after abandoning efforts to seek state aid from the German government.

Its insolvency is likely to see the stake put up for sale, which could spark a takeover bid for the entire firm.

Thomas Cook shares rallied more than 7% as investors welcomed a resolution to woes at Arcandor and the possibility of a stake sale, with German retailer Rewe already reportedly in the frame as a buyer.

But Thomas Cook stressed it had not yet been approached over a possible takeover of the stake or wider company.

Manny Fontenla-Novoa, Thomas Cook chief executive, said: “Arcandor’s insolvency has no impact on Thomas Cook’s financial position or its operational performance, nor on its management and staff.

“We remain as a completely independent and separate business, ring-fenced from Arcandor.”