CP SHIPS COMPLETES TAKEOVER OF ITALIA

CP SHIPS COMPLETES TAKEOVER OF ITALIA       CP Ships Limited on Tuesday completed its acquisition of Italia di Navigazione from d’Amico Societ' di Navigazione S.p.A. for $40 million in cash.
   The acquisition was announced on May 30.
   As previously announced, the takeover of the Italian shipping line is financed from the proceeds of CP Ships’ recent share issue and private placement of unsecured notes.
   “We are pleased to welcome Italia as CP Ships’ seventh brand,” said Ray Miles, chief executive officer.
   Miles said that purchasing Italia is a continuation of CP Ships’ strategy of making acquisitions to reinforce its regional leadership position, build trade lane economies of scale and create opportunities for growth.
   Italia’s new board of directors is chaired by Frank Halliwell, chief operating officer of CP Ships. Pietro Eugeni continues as managing director.