American millionaire businessman J. P. Morgan had decided to invest in transatlantic shipping by creating a new company, International Mercantile Marine (IMM), and, in 1901, purchased the British freight shipper Frederick Leyland & Co. and a controlling interest in the British passenger White Star Line and folded them into IMM. In 1902, IMM, NDL and HAPAG entered into a "Community of Interest" to fix prices and divide among them the transatlantic trade. The partners also acquired a 51% stake in the Dutch Holland America Line. IMM made offers to purchase Cunard which, along with the French CGT, was now its principal rival.