€1.7bn purchase for Hapag-Lloyd

TUI AG, owner of the Hapag-Lloyd shipping line, has agreed to pay €1.7 billion in cash for CP Ships, a British container company, in an effort to increase capacity and reduce costs.

€1.7bn purchase for Hapag-Lloyd
Mon, 22 Aug, 2005 - 01:00

TUI offered $21.50 a share for the Gatwick company, according to a statement released over the weekend.

This was 10% above CP Ships’ closing price on Friday.

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