In the context of the acquisition of the British-Canadian shipping line CP Ships
by TUI AG (TUI1.DE)
, Michael Behrendt, chairman of the executive board of Hapag-Lloyd AG
, was appointed chairman of the board of CP Ships on November 7th. At its meeting in Toronto, the board of directors also appointed Rainer Feuerhake, CFO of TUI, a member of the board following the resignations of Nigel Rich (chairman) and Viscount Weir.
TUI, the parent company of Hapag-Lloyd, holds 89 percent of the shares in CP Ships and intends to take it over entirely by amalgamation of the shipping lines by the end of 2005. Hapag-Lloyd will then have a total of 136 ships with an overall capacity of more than 400,000 TEU, making it the world’s fifth largest container carrier.