United Arab Emirates firm to operate six major U.S. ports
SPECIAL TO WORLD TRIBUNE.COM
Monday, February 13, 2006
WASHINGTON – The Bush administration has approved a deal in which a United Arab Emirates company would operate six major ports in the United States.
A U.S. government panel has determined that the UAE firm, DP World, would not endanger national security.
DP World, based in Dubai, has offered $6.8 billion for the purchase of a British firm that operates the ports of Baltimore, Miami, New York, New Jersey, New Orleans and Philadelphia, Middle East Newsline reported.
DP World intends to acquire the London-based Peninsular and Oriental Steam Navigation [P&O] Co. The sale was expected to be approved on Monday.
“The P&O directors have withdrawn their recommendation of the offer by PSA, which was announced on Jan. 26, 2006, and unanimously recommend that P&O Stockholders vote in favor of the revised proposals at the meetings, which are now scheduled to take place on Feb. 13,” DP World said in a statement.