Swiss travel group Kuoni is not interested in buying up parts of struggling British rival Thomas Cook, its chief executive told a German paper.
"For us, the German, Scandinavian and British operations of Thomas Cook would not make any sense," Peter Rothwell told Frankfurter Allgemeine Zeitung.
He said that either there would be too few cost benefits or the regulatory hurdles would be too high.
Thomas Cook is working on a restructuring after turning to its banks twice for a rescue last year and has already announced plans to sell its Indian subsidiary to reduce its debt pile.
There has been speculation the group will also seek to sell airline Condor, with German businessman Hans Rudolf Woehrl already saying he would be interested.
Rothwell told the paper in an interview published on Saturday that buying up Condor would contravene the group's strategy of having few fixed assets.
Rothwell also confirmed the group's forecast for 2011 turnover of around 5 billion Swiss francs.