Breaking News: Dubai Ports World to fully transfer U.S. ports operation to a U.S. entity.... developing....
What they need to do now is look at management and operations of all U.S. ports and come up with new legislation that will guarantee American control of all American ports, including American ownership of a minimum of 51% of companies that operate at our seaports, airports, borders and all other critical U.S. infrastructure.
More below and here.
"DP World Will Sell Management Stake in U.S. Ports"
"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, 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....
DP World said it will transfer all interest in U.S. port operations to an American-based company, but it was unclear immediately how DP World would manage the divestiture. The company indicated that details of the surprise deal were still being worked out...."