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Canadian Pacific Ltd.'s plan to buy Lykes Bros. Steamship Co. of Tampa, FL, received a serious setback as the director of the Transportation Department's Maritime Administration (Marad), Albert Herberger, turned down the bankruptcy restructuring plan of Lykes. Many in the maritime industry is expected to be taken aback as it was widely held that Lykes had gained the trust of Marad officials that its ships would not be under direct foreign control.

CP Ships, the container shipping division of Canadian Pacific Ltd., is planning to expand its operations to go beyond its Atlantic operation by offering to buy Lykes Bros. Steamship Co. The company has offered $30 million for Lykes' trade lanes, office staff and control of 11 ships. Raymond Miles of CP Ships says that the company does not plan to move into the routes of global carriers but CP Ships intends to concentrate its expansion in 'non-arterial trades' even if the proposed takeover fails.

Canadian Pacific Ltd. (CP) has announced plans to buy the bankrupt Lykes Bros. Steamship Co. at about $30 million. It intends to maintain Lykes' ships under US flag and control to ensure their continued eligibility for subsidy amounting to about $13 million annually. CP's proposal is the first time that a company has expressed interest to run Lykes' aging ships. The plan would expand CP's steamship service to the US East Coast and to Africa.

Pending anticipated demand, Canadian Pacific's capital program may postpone plans to build a line linking refineries near Alberta's oil sands, according to CEO Fred Green. "If there is a large […]

CoreStates announced a 24% rise in dividends on Nov. 21, 1995, the 30th straight year of increased dividends. Canadian Pacific (CP) has announced a restructuring program that has had the effect of raising the value of its stock. CP promised to raise its dividend disbursement by 50%.

Intermodal interest piqued by Canadian rail company A little Canadian infusion lends a lot more credibility to the proposed ship-to-train facility in Philadelphia, according to a commissioner for the Delaware [...]