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CP Ships breaks silence on takeover talks.
(From Lloyds List)
Byline: Line remains tight-lipped on offer details, writes Janet Porter
CP Ships ended weeks of speculation about its future on Friday afternoon by confirming that it was in discussions 'regarding a possible transaction'.
A brief statement followed an article in Friday's Financial Times that named both China Shipping and CMA CGM as the two leading bidders.
However, CMA CGM issued a formal denial to Lloyd's List late Friday.
'We are not in talks with CP Ships,' a spokesman said.
CP Ships' share price has climbed in recent days as takeover speculation grew, with market capitalisation now around C$1.9bn (US$1.5bn).
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