Skip to comments.P&O may have to retain port management-congressman
Posted on 02/21/2006 7:58:22 PM PST by demlosers
NEW YORK (Reuters) - British firm P&O (PO.L: Quote, Profile, Research) may have to retain management of six major ports in the United States even though it is on the verge of being taken over by Dubai Ports World, a U.S. congressman said on Tuesday.
Republican Rep. Peter King is one of a growing number of American legislators who oppose allowing state-controlled Dubai Ports World of the United Arab Emirates to manage American ports, citing security concerns. He plans to introduce legislation halting the deal next week.
"I think for the short-term the British company would probably have to stay on doing that (managing the ports, if the legislation is passed)," King, chairman of the House of Representatives Homeland Security Committee, told a news conference.
P&O shareholders last week approved Dubai Ports World's $6.8 billion takeover, which would create the world's third-largest ports group.
The deal has approval from U.S. regulators, and a British court is expected to give its final approval at a hearing scheduled for February 27.
But Republican and Democratic members of Congress have announced plans to stop the deal, under which Dubai Ports World would take over P&O's management of sea ports in New York, New Jersey, Baltimore, New Orleans, Miami and Philadelphia.
P&O stock soared since the firm said it was in talks about a possible takeover and a bidding war ensued, climbing more than 80 percent from October 31 to its intraday high of 563-2/4 pence on February 6.
The stock has slipped nearly 9 percent since then, closing at 514 pence on Tuesday, below the Dubai Ports World offer price of 520 pence.
So much for all those free market capitalist consevatives...
Peter King is so full of sh!t on this one. I find myself wondering why the chairman of the House of Representatives Homeland Security Committee waited until mid-February 2006 to express his opposition to a corporate acquisition that was formally announced in November of 2005.
Yes, I AM kidding, relax, King fans.
Dubai Ports World home page http://www.dpiterminals.com/
They have terminal facilities in Asia, Latin America, Europe and West Africa.
I also saw a post where the port in the US was going to sign the contract anyway. The port authority is a local government entity. I guess Congress could void their contract.
Seems the more we hear and see the more fractious and messier it's getting.
Except when it came to the IRA. He finally felt enough political pressure to back away from hosting Gerry Adams.
So a private company is going to be forced to NOT sell and forced to keep doing business as usual? By our government?
That was probably around the time he realized that he had more illegal Mexican immigrants in his district than Irish-American voters.
How does that saying go... its better to remain quiet and look like a fool than to open your mouth and remove all doubt.
LOL, my husband and I were discussing this and he was amazed he hadn't heard a reporter ask, "Why are the British running our ports in the first place?"
Total knee jerk reaction brought on by the MSM that were looking to make waves by not reporting the story correctly in the first place, just like the NSA story.
This story was first posted here on FR back on the 10th or 11th of this month, and my one comment on that thread was that I knew they had gotten the facts wrong -- because P&O Ports didn't OWN any U.S. port facilities and therefore couldn't be selling them to a UAE-owned company.
Even after the story had been out there for a week, FreeRepublic was the only place where even a small number of people really knew the facts related to the proposed acquisition.
OK, i have to agree with you. Bill O'Reilly did a pretty good job explaining this on his show tonight.
He must have a FreeRepublic screen name. LOL.
Trust me im no O'Reilly lover, plus you can check the American Idol live thread I was posting to that during his show. I just watched The Factor rerun. :D
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