THE P. &0.-UNION MERGER

Dominion, Volume 10, Issue 3123, 29 June 1917, Page 5

THE P. &0.-UNION MERGER

APPROVED BY P. & 0. SHAREHOLDERS PRICE-53,000,000 (Roc. June 28, 5.5 p.m.) London, June 27. The Peninsular and Oriental Company, at an extraordinary meeting, approved of tho acquisition of the Union Steam Ship Company's fleet, and tho issue of .£f)O«,(XW deferred' stock. , lord Inchcape, chairman of the I. ana O. Company, paid a tribute to Sir James Mills for his prudent and careful management in guiding the Union Company s destinies for many years, by which the company had become highly successful. Tho purchase price, he said, was equivalent to which was possibly over-»enerons, but fair to both sides, in view of the Union Company u saleable trade and connections. The Union Company had long worked in friendly co-operation with the P. and 0., the New Zealand Shipping Company, and British India Company, gradually leadiiie to complete fusion. The directors believed that the amalgamation .of the four companies wonld greatly iaoilitate tho Empire's trade. The Union Company's shareholders were evidently favourable to tho amalgamation Already the holders of 94 per cent, of tho shares had accepted the proposal.-Aas.-N.Z. Cable Assn.