P&O drops Coast Lines
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• P & 0 announced last week that its bid to take over Coast Lines (CM September 25) had been withdrawn, after advice from merchant bankers Lazard's that they had been informed that the Coast Lines profit forecast for the year ending December 31 1970 was "materially less" than that indicated when the proposed offers were being considered. A willingness to re-negotiate has been expressed by P & 0. P & 0 Transport Holdings, which was set up this month (CM October 9) to co-ordinate the P & 0 Steam Navigation group's 60 nonshipowning companies, mainly in road haulage, has bought Europa Express NV, Antwerp-based hauliers operating 60 artics into Spain, Scandinavia, Austria and Italy. The Belgian company is to be integrated with the Continental operations of Ferrymasters.