We consider a coupled system of Hamiltonian partial differential equations introduced by Popowicz, which has the appearance of a two-field coupling between the Camassa-Holm and Degasperis-Procesi equations. The latter equations are both known to be integrable, and admit peaked soliton (peakon) solutions with discontinuous derivatives at the peaks. A combination of a reciprocal transformation with Painlev'e analysis provides strong evidence that the Popowicz system is non-integrable. Nevertheless, we are able to construct exact travelling wave solutions in terms of an elliptic integral, together with a degenerate travelling wave corresponding to a single peakon. We also describe the dynamics of N-peakon solutions, which is given in terms of an Hamiltonian system on a phase space of dimension 3N.

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