L4 Logistics | Transport Shipping and Logistics News

The move by state-owned China Shipping, which is believed to have seen off rival interest from other Chinese groups, is a sign of the growing desire by the country's larger companies to gain access to global markets through acquisitions. CP Ships, listed in Toronto but based in London, is understood to have taken China Shipping and CMA through to the final round of the sale process and is expected to choose a preferred bidder by the end of next month Geneva-based MSC, the world's second-largest container shipping line by capacity, is also understood to have lodged an indicative offer for CP Ships, according to people close to the situation. Formerly part of Canadian Pacific Limited, CP Ships is one of the largest container carriers in the North Atlantic, operating about 80 vessels. The company does business in four major markets - transatlantic, Australasia, Asia, and Latin America - under seven main brand names, ANZDL, Canada Maritime, Cast, Contship Containerlines, Italia Line, Lykes Lines and TMM Lines, which will be rebranded as CP Ships by the end of 2005. (Source:SeaNews)