CP BUYS OUT TMM IN AMERICANA SHIPS VENTURE

CP BUYS OUT TMM IN AMERICANA SHIPS VENTURE

   Canadian Pacific Ltd., the mother or father corporate of CP Ships, is
purchasing the 50-percent percentage of the Americana Ships three way partnership it didn’t already personal
from Transportacion Maritima Mexicana.
   For Mexico-based TMM, the sale represents an entire withdrawal from a
container delivery business this is all of a sudden consolidating amongst main gamers.
   The phrases of the transaction weren’t disclosed.
   Headquartered in Tampa, Fla., Americana Ships used to be shaped through CP Ships and TMM
in January 1999 as a 50/50 enterprise which took over the lining actions of a number of
delivery strains owned through the 2 companions.
   The purchase of sole keep an eye on over Americana Ships is the newest in a
sequence of giant funding selections in container delivery through the fast-growing CP Ships
team. A $1-billion industry, Americana Ships runs the lining services and products of Lykes Traces, TMM
Traces and Transportacion Maritima Grancolombiana (TMG) and the transatlantic provider of
Contship Containerlines. Americana Ships has a blended visitors quantity of about one
million TEUs.
   As a part of the acquisition, CP Ships will achieve the industry names TMM Traces and
TMG, in addition to a container fleet of 27,000 TEUs.
   The acquisition does no longer come with Compania Trasatlantica Espanola, the Spanish
delivery line majority-owned through TMM, as this unit will likely be offered through TMM to minority
shareholder Naviera del Odiel.
   TMM, a indexed corporate that these days loses cash, mentioned that it has now
determined to “slim its strategic center of attention to be aware of its different actions.”
TMM’s diverse industry comprises rail, intermodal transportation, logistics and bulk
delivery.
   The 2 firms mentioned that final touch of the transaction, which is matter
to regulatory approval, is anticipated early within the new yr.
Along with Americana Ships, the CP Ships team comprises Canada Maritime, Forged,
Contship Containerlines, Australia-New Zealand Direct Line and Montreal Terminals.
   The sale of TMM’s stake in liner delivery is the second one fresh withdrawal
from the world container delivery business through a big indexed transportation team.
CSX Corp. finished its sale of Sea-Land’s world industry on Dec. 10.