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British Court Hears Dubai Port Deal Case [View All]

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tocqueville Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Feb-27-06 04:21 PM
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British Court Hears Dubai Port Deal Case
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By JANE WARDELL, AP Business Writer
Mon Feb 27, 8:22 AM ET
LONDON - Lawyers for British shipping company Peninsular and Oriental Steam Navigation Co. told Britain's High Court on Monday that a U.S. company's legal challenge to P&O's takeover by Dubai Ports World was "woefully thin."

The High Court must approve the 3.9 billion pound ($6.8 billion) takeover which has caused consternation among some lawmakers in the United States for the deal to go ahead.

Monday's hearing had been expected to provide a routine rubber stamp, but Miami-based Eller & Co. filed a last-minute appeal Friday asking the court to deny approval. Eller cited a number of grounds for its objection, including a "real prospect" that U.S. authorities would revoke their approval of the deal.

Martin Moore, a lawyer for P&O, said Eller's case was "woefully thin" and the court should sanction the deal as quickly as possible.
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