CP Ships Completes Acquisition

Tuesday, August 06, 2002
CP Ships Limited completed its acquisition of all issued and outstanding shares in Italia di Navigazione from d'Amico Societa di Navigazione S.p.A. for $40 million in cash. The acquisition was announced on May 30, 2002. As previously announced, the purchase is being paid for with proceeds from CP Ships' offering in July 2002 of 9.6 million common shares and private placement of $200 million of senior unsecured notes. "We are pleased to welcome Italia as CP Ships' seventh brand," commented CP Ships' CEO Ray Miles. "By purchasing Italia CP Ships continues its strategy of making acquisitions to reinforce our regional leadership position, build trade lane economies of scale and create new opportunities for growth. Plans are already in place to strengthen Italia's services and build on the service cooperation that already exists between Italia and other CP Ships brands." Italia's new board of directors is chaired by Frank Halliwell, Chief Operating Officer of CP Ships. Pietro Eugeni continues as managing director.
Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Report: Ports Lack Maintenance Support

The latest Barometer Report from Trelleborg has revealed a huge gap in the maintenance requirements of port owners and operators, and the support that suppliers are able to provide.

Pine Galaxy to Arrive SF Bay Wednesday

The disabled mixed-products tanker Pine Galaxy is expected to arrive in San Francisco Wednesday morning. The ship is being towed by commercial tug to San Francisco Bay.

Industry Partnership to Enhance BOP Maintenance

The maintenance of blowout preventers (BOPs) has significant financial, logistical and safety implications for drilling operators and rig owners. DNV GL has now

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1338 sec (7 req/sec)