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BERLIN (AP) - German travel company TUI AG said Sunday it plans to buy Canadian firm CP Ships for $2 billion in a deal aimed at strengthening its container shipping business.
Hanover-based TUI said the Canadian company's board of directors unanimously recommended that its shareholders accept the all-cash offer of $21.50 per share — a premium of 9.7 percent over CP Ships' closing share price on Friday.
TUI said the acquisition would accelerate the growth of its Hapag-Lloyd container shipping business — putting the combined company in the world's top five in terms of capacity. Between them, the companies currently operate 139 ships, with another 17 on order.
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