Thomas Cook, the UK-based travel agent, said that it was eyeing acquisitions in Europe as rivals battle for survival in the face of spiralling fuel prices.

"There will be some big opportunities," said Manny Fontenla-Novoa, Thomas Cook's chief executive. "I know people who were struggling with soaring oil prices at $80 a barrel last year, and now it's over $100."

Mr Fontenla-Novoa said that the group was re-negotiating contracts with suppliers to limit how much of the extra cost it would have to pass on to customers. However, the brochure prices of Thomas Cook holidays are expected to rise by about 7pc in 2009. ... Read full article