- Can anyone recommend any books ranking the Presidents,
besides "Presidential Leadership?"
--- Greg Cannon <gregcannon1@...> wrote:
> DP World Unveils Port Operation Sale Plans
> By TED BRIDIS, Associated Press Writers 18 minutes
> WASHINGTON - A Dubai-owned company said Wednesday it
> plans to sell all its U.S. port operations within
> to six months to an unrelated American buyer and
> out new details about how it plans to pursue the
> under pressure from Congress.
> DP World said that until the sale is finalized, its
> U.S. businesses will be operated independently. The
> announcement was the first time DP World described
> plans for the U.S. operations as a "sale" and
> indicated it would retain no stake in them.
> "An expedited sale process is under way and with the
> cooperation of the port authorities and joint
> partners, it is expected that a sale can be agreed
> within four to six months," the company said in a
> DP World said it will provide information about its
> business to "interested parties," which it did not
> identify, and said it will assess offers based on
> it described as "value, deliverability and the
> continuity of management, employees and customers."
> The new disclosures by DP World responded to
> raised since its announcement last week about how it
> intends to transfer to an unspecified American
> all the U.S. operations it acquired when it bought
> London-based Peninsular and Oriental Steam
> Co. for $6.8 billion.
> The British company handles significant operations
> ports in New Jersey, New York, Baltimore, New
> Miami and Philadelphia plus lesser dockside
> activities at 16 other ports in this country.
> DP World has said those U.S. operations are worth
> roughly $700 million.
> "This is the first time we have gotten clarification
> that the intent is for full divestiture," said Sen.
> Charles Schumer (news, bio, voting record), D-N.Y.
> "While I still have to look at the details, it looks
> now like they have fleshed this out in far greater
> detail," said Schumer, who said he was assured "the
> process be open and fair and quick."
> "That is very good news. That's what we have been
> seeking from the beginning," he said.
> At the White House, moments before DP World's
> announcement, spokesman Scott McClellan said company
> executives had earlier promised to transfer their
> businesses, "and it's important that they fulfill
> commitment that was made."
> "They have expressed that they are fully committed
> doing so, and the Treasury Department said that they
> would work with them on implementing that decision,"
> McClellan said.
> DP World said until the sale is complete, its U.S.
> operations will be managed independently by P&O
> North America Inc., the wholly owned U.S. subsidiary
> of the British company it bought.
> Since DP World's announcement last week, Republicans
> and Democrats alike in Congress have questioned
> whether the company planned a full divestiture or
> whether it would retain some stake in the U.S.
> DP World said previously that its decision last week
> was based on an understanding it would be given time
> for an orderly transfer and that DP World will not
> suffer economic loss.
> But until Wednesday, it had steadfastly declined to
> clarify its statement or the timing of any possible
> sale. Leading congressional critics threatened
> repeatedly to intervene if DP World's plans fell
> of a full divestiture of its U.S. operations.
> DP World said Wednesday it hired Deutsche Bank
> Securities Inc. of New York as its financial adviser
> for the sale. It also hired a prominent New York law
> firm, Sullivan & Cromwell LLP, for legal advice and
> said it will continue relying on the Alston & Bird
> law and lobbying firm in Washington for help with
> regulatory issues.
> President Bush had strongly defended the ports deal,
> saying the United Arab Emirates is a valuable ally
> the fight against terrorism.
> Many lawmakers, both Republicans and Democrats,
> pointed to the UAE's role as an operational and
> financial base for hijackers in the attacks on Sept.
> 11, 2001, and said they opposed allowing a company
> owned by a foreign government to run operations at
> ports vulnerable to terrorist attacks.
> Questions about the divestiture intensified during
> weekend, when Senate Majority Leader Bill Frist said
> DP World could be permitted to operate and manage
> U.S. ports if no suitable American buyer were found
> and if the Bush administration determined there were
> no security risks.
> But Sen. John Warner (news, bio, voting record),
> chairman of the Armed Services Committee, said
> the weekend, "the deal is over" and said the
> intent "looks like in every respect a total
> Warner, R-Va., has acted as an important go-between
> for DP World and the administration. He previously
> announced the company's offer to submit to an
> broader security review over the deal and then last
> week, in the full Senate, announced its decision to
> transfer its U.S. operations.
> DP World previously agreed it will not control or
> manage any of the U.S. port operations it acquired
> until May 1 or until the outcome of the unusual,
> broader security investigation into the ports deal
> the Bush administration.
> That review is pending.
> Associated Press writer Liz Sidoti contributed to
> story from Washington.
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