CP Ships’ stock price rises amid rumors
CP Ships' stock price continued to climb on the New York Stock Exchange Thursday, amid rumors that China Shipping Container Lines is interested in acquiring the Canadian-registered company.
Last week, CP Ships said it would not comment on rumors of a takeover by China Shipping Container Lines.
But its stock rose 4 percent to $14.97 on Thursday and has gained about 11 percent in value in the past four days.
CP Ships has a market capitalization of $1.4 billion, similar to that of China Shipping Container Lines, which is partly owned by the Chinese state.