Carrier Consolidation on the High C's
CMA CGM and China Shipping Container Lines are teaming up to jointly bid for ownership of CP Ships, Ltd. CMA CGM of France confirmed last week that it is in discussions with CP Ships about the acquisition, but declined further comment. China Shipping has declined comment on reports, but is reported to be teaming up with CMA CGM for the acquisition, according to Xinhua, the Chinese state news agency. CP Ships confirmed last week that "it is in discussions with other companies regarding a possible transaction." A joint bid by state-owned China Shipping and CMA CGM would enable both companies to expand services, Xinhua reported. Both companies are larger than Toronto-listed CP Ships, which operates about 80 ships worldwide.
So what will the new name be? 10CC's? 7 C's Shipping? C-Line?