CP SHIPS DROPS PLAN TO ACQUIRE NORDANA

CP SHIPS DROPS PLAN TO ACQUIRE NORDANA

   CP Ships’ planned takeover of Nordana Line, announced in mid-November, has been canceled.

   The London-based expansionist shipping group said it and Dannebrog, the Danish parent company of Nordana, have decided not to proceed with the planned acquisition.

   “In the month since the acquisition plan was announced on Nov. 14, further discussions revealed a number of issues that prevented the transaction from being completed to both parties’ satisfaction,” CP Ships said.

   Nordana, a small shipping line specialized in the Caribbean, Latin American and eastern Mediterranean markets, operates three services with a total annual volume of about 50,000 TEUs.

   CP Ships said it “remains committed to its strategy of making selective acquisitions to reinforce its position in its principal regional markets.”

   CP Ships, the parent company of Australia-New Zealand Direct Line, Canada Maritime, Cast, Contship Containerlines, Lykes Lines and TMM Lines, has slowed the pace of its acquisition of other shipping lines in the last year.