CP SHIPS GETS APPROVAL FOR TAKEOVER OF ITALIA
CP Ships has received regulatory approval for its proposed takeover of Genoa-based Italia di Navigazione.
The Italian competition authorities notified their approval on Wednesday (July 24).
The U.K.-based container shipping group had announced in May an agreement to acquire Italia and certain of its sales agencies in Canada, Italy, Spain and Venezuela, for $40 million.
“The transaction is the continuation of a key element of CP Ships’ overall strategy of making acquisitions to strengthen its regional market positions, build trade lane economies of scale and create new opportunities for growth,” it said.