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February 23, 2006 

DP World Agrees to Delay U.S. Portion of P&O Purchase

Dubai Ports World announced this evening that it has offered to delay the closing of the U.S. portion of its acquisition of Peninsular and Oriental Steam Navigation Company (P&O) pending a review of the security issues raised by numerous members of Congress. The company said it will move forward with other parts of the deal affecting the rest of the world. In a statement, Dubai Ports World said: "It is not only unreasonable but also impractical to suggest that the closing of this entire global transaction should be delayed." In addition to the six ports in the U.S., the acquisition covers ports in Canada, Argentina, the United Kingdom, France and several Asian countries.

Thursday, February 23, 2006 |posted by Douglas N. Jacobson|

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