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  1. #1
    Administrator Jean's Avatar
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    DP World to sell U.S. port operations

    http://www.chron.com/disp/story.mpl/ap/ ... 94642.html

    Dec. 11, 2006, 5:38PM
    DP World to sell U.S. port operations


    By DEVLIN BARRETT Associated Press Writer
    2006 The Associated Press


    WASHINGTON 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.

    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.

    The deal also involves stevedoring operations in 16 locations along the eastern seaboard and Gulf Coast and a passenger terminal in New York City.

    "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.

    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.

    "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."

    AIG Global Investment Group is an asset management firm with more than $635 billion in assets. Its parent company is the New York-based insurance firm, American International Group Inc. AIG's managing director Christopher Lee said the company is "very committed to ensuring that it continues to be one of the industry leaders in setting standards for port security."

    DP World is based in the United Arab Emirates and is the largest marine terminal operator with 51 terminals in 24 countries.

    The sale still requires regulatory approval from several port authorities, including New York and New Jersey. The sale is expected to close in the next few months, DP World said.

    The Bush administration had agreed last January to allow DP World to acquire the U.S. port operations, but as soon as the deal became public they were fiercely attacked by members of both political parties.

    Critics of DP World cited the UAE's history, noting that some of the money that financed the Sept. 11 terror attacks moved through their banking system, and the government's past support of Afghanistan's Taliban government before the 2001 attacks.

    As a result of the public pressure, DP World ultimately agreed to sell off the U.S. assets.

    The Department of Homeland Security, which had tried to defend the initial DP World acquisition, had no comment Monday, agency spokesman Russ Knocke said.

    Massachusetts Democrat Ed Markey, who sits on the House Homeland Security Committee, pledged his party would keep a closer eye on such deals in the future by conducting "the type of oversight that has been completely absent during the Republican Congress."
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  2. #2
    Senior Member Judy's Avatar
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    Well thank goodness ... THAT'S OVER.

    A Nation Without Borders Is Not A Nation - Ronald Reagan
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  3. #3
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    Quote Originally Posted by Judy
    Well thank goodness ... THAT'S OVER.

    Uh uhhhhhhhhh

    AIG is a very bad international corp that is involved in the open borders.

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  4. #4
    Administrator Jean's Avatar
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    Quote Originally Posted by 2ndamendsis
    Quote Originally Posted by Judy
    Well thank goodness ... THAT'S OVER.

    Uh uhhhhhhhhh

    AIG is a very bad international corp that is involved in the open borders.

    Slick ain't they?
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  5. #5
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    You bet! I was waiting for this!!
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  6. #6
    Senior Member AmericanElizabeth's Avatar
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    AIG is a very bad international corp that is involved in the open borders
    .

    Makes it all seem planned this way from the beginning. Lesser of two evils? We'll see, only time will tell now. The thought of a foreign company controlling our ports was leaving a hugely bad taste in my mouth, and the idea of an OBL company, I suppose was the lesser of two evils, at least we have more sway with an American company than a foreign one.
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  7. #7
    Senior Member Judy's Avatar
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    I know. But it's better than the UAE Dubai Ports.
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