Reply #149: Dubai Firm to Give Up Stake in U.S. Ports

[rodeodance]

Dubai Firm to Give Up Stake in U.S. Ports

By DAVID ESPO 12 minutes ago

WASHINGTON - A Dubai-owned company said Thursday it is giving up its management stake in some U.S. ports, a move made as congressional leaders warned
President Bush that both the House and Senate appeared ready to block the takeover.


It was not immediately clear whether the announcement would be enough to cool widespread sentiment in Congress to pass legislation blocking the deal, which has become a burdensome election-year problem for Republicans.

Sen. John Warner (news, bio, voting record), chairman of the Armed Services Committee, took the Senate floor to read to colleagues a company press release disclosing its new stance.

"Because of the strong relationship between the United Arab Emirates and the United States and to preserve that relationship, DP World has decided to transfer fully the U.S. operation of P&O Operations North America to a United States entity," DP World's chief operating officer, Edward H. Bilkey, said in the statement that Warner relayed to other senators. The announcement did not specify which American company would be involved.