Beowulf
12-11-2006, 01:40 PM
A small victory in a larger war, getting back some U.S. soil from the Arabs:
WASHINGTON - <?XML:NAMESPACE PREFIX = AT /><AT:CLASS></AT:CLASS>Dubai Ports World, the company whose planned takeover of major U.S. port operations ignited a political firestorm earlier this year, has agreed to sell those operations to AIG Global Investment Group.
<AT:CLASS></AT:CLASS>The company announced the deal Monday. The U.S. operations at six major U.S. seaports in New York/New Jersey, Philadelphia, Baltimore, Miami, Tampa and New Orleans were valued at approximately $700 million, but DP World did not disclose the sales price.
<AT:CLASS></AT:CLASS>The deal also involves stevedoring operations in 16 locations along the eastern seaboard and Gulf Coast and a passenger terminal in New York City.
<AT:CLASS></AT:CLASS>"While we are disappointed to be exiting the U.S. market, the price we received was fair," Sultan Ahmed Bin Sulayem, the chairman of DP World, said in a statement announcing the deal.
<AT:CLASS></AT:CLASS>One of the loudest critics of the original deal said he was pleased and expected the deal to clear the few regulatory hurdles that remain.
<AT:CLASS></AT:CLASS>"This is an appropriate final chapter to the book on the Dubai Ports World deal," said Sen. Charles Schumer, D-N.Y. "This is very likely to receive broad support in Washington and throughout America."
http://kevxml2adsl.verizon.net/_1_225WTO104PI9H3H__vzn.dsl/apnws/story.htm?kcfg=apart&sin=D8LUQTT80&qcat=finance&ran=1110&passqi=&feed=ap&top=1
WASHINGTON - <?XML:NAMESPACE PREFIX = AT /><AT:CLASS></AT:CLASS>Dubai Ports World, the company whose planned takeover of major U.S. port operations ignited a political firestorm earlier this year, has agreed to sell those operations to AIG Global Investment Group.
<AT:CLASS></AT:CLASS>The company announced the deal Monday. The U.S. operations at six major U.S. seaports in New York/New Jersey, Philadelphia, Baltimore, Miami, Tampa and New Orleans were valued at approximately $700 million, but DP World did not disclose the sales price.
<AT:CLASS></AT:CLASS>The deal also involves stevedoring operations in 16 locations along the eastern seaboard and Gulf Coast and a passenger terminal in New York City.
<AT:CLASS></AT:CLASS>"While we are disappointed to be exiting the U.S. market, the price we received was fair," Sultan Ahmed Bin Sulayem, the chairman of DP World, said in a statement announcing the deal.
<AT:CLASS></AT:CLASS>One of the loudest critics of the original deal said he was pleased and expected the deal to clear the few regulatory hurdles that remain.
<AT:CLASS></AT:CLASS>"This is an appropriate final chapter to the book on the Dubai Ports World deal," said Sen. Charles Schumer, D-N.Y. "This is very likely to receive broad support in Washington and throughout America."
http://kevxml2adsl.verizon.net/_1_225WTO104PI9H3H__vzn.dsl/apnws/story.htm?kcfg=apart&sin=D8LUQTT80&qcat=finance&ran=1110&passqi=&feed=ap&top=1