July 30, 2005
CP Ships in takeover discussions
According to the Financial Times, China Shipping and France's CMA CGM are "leading the bidding for CP Ships" in a deal that could value the group at more than $1.46 billion."
Yesterday, CP Ships Limited issued a statement that said it "confirmed that it is in discussions regarding a possible transaction." It said "there is no assurance that a transaction will result from these discussions and no further comment will be forthcoming unless the situation warrants."
"As a matter of policy," said the statement, "CP Ships does not usually comment on market rumors but has issued this statement at the request of the Toronto Stock Exchange."