London court OKs Dubai Ports purchase
Britain’s High Court on Thursday approved a Dubai state-owned port operator’s takeover of British shipping company P&O, a deal that has caused an uproar in the U.S. among lawmakers concerned about port security.
Justice Nicholas Warren dismissed a last-minute appeal by U.S.-based Eller & Co. as he gave the required go-ahead for DP World’s $6.8 billion acquisition of the Peninsular and Oriental Steam Navigation Co.
“The objections of Eller do not persuade me that I should not sanction the scheme,” Warren said.
The judge agreed to place a stay on his ruling until 3 p.m. Friday to allow the U.S. company time to take its case to the Court of Appeal.
Eller, which provides cargo-handling services to 90 percent of cruise ships at the port of Miami, had argued that U.S. concerns about a United Arab Emirates company owning significant operations at six major U.S. seaports could substantially harm its business.
The judge said he took U.S. concerns into account.
“I have been treated to a large amount of evidence on press releases and articles which were no doubt being spun to this direction or that,” Warren said.
Source: MSNBC.
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