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UK court clears Dubai port deal
Britain's High Court has approved the takeover of UK shipping icon Peninsular and Oriental Steam Navigation Co by state-owned Dubai Ports World, despite a last-minute objection by a US company. On Thursday, Justice Nicholas Warren dismissed the appeal from Miami-based Eller & Co as he gave the required go-ahead for the $6.8 billion deal. Warren said: "The objections of Eller do not persuade me that I should not sanction the scheme."Eller had argued that US concerns about a United Arab Emirates company owning significant operations at six major US seaports could substantially harm its business. Eller Company, based in Miami, Florida, has a joint venture agreement with a subsidiary of P&0. Eller had argued that a successful takeover by Dubai Ports World, which is controlled by the ruling Maktoum family in the United Arab Emirates, would harm its national interests. Posted by: Fred 2006-03-03 |
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