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DP World: No Plan to Sell Miami Port Ops

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ProSense Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Mar-13-06 08:57 PM
Original message
DP World: No Plan to Sell Miami Port Ops
Edited on Mon Mar-13-06 08:58 PM by ProSense
So what are the Republicans taking credit for?

DP World: No Plan to Sell Miami Port Ops


Dubai-Owned Company Has No Immediate Plans to Sell Interests at Miami's Seaport, Executive Says

By TED BRIDIS
The Associated Press
WASHINGTON - The Dubai-owned company that promised to surrender its U.S. port operations has no immediate plans to sell its U.S. subsidiary's interests at Miami's seaport, a senior executive wrote Monday in a private e-mail to business associates.

Even if DP World were to sell its Miami operations to quell the congressional furor over an Arab-owned company managing major U.S. ports, "that would probably take a while," wrote Robert Scavone, a vice president for DP World's U.S. subsidiary.

The e-mail, obtained by The Associated Press, added to questions raised since DP World's announcement last week that it will divest U.S. port operations it acquired when it bought London-based Peninsular and Oriental Steam Navigation Co.

DP World has said those operations are worth roughly $700 million.

more...

http://abcnews.go.com/Politics/wireStory?id=1720851&CMP...


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Igel Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Mar-13-06 09:58 PM
Response to Original message
1. The actual company seems to be a ways down
on the food chain.

"P&O Ports North America is the U.S. subsidiary of London-based Peninsular & Oriental, which DP World purchased for $6.8 billion. The sale of the British firm was finalized last week.

"The Miami port company is half-owned by P&O Ports Florida, a subsidiary of P&O Ports Gulf Port, which itself is a subsidiary of P&O Ports North America. The Miami port company's other owners are Eller & Company Inc. and Florida Stevedoring Inc." (from the OP's citation)

So ... DPW --> PO --> POPNA --> PO Gulf Port --> PO Ports Florida --> (1/2) Miami port (at http://www.pomtoc.com /)
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