All alone out there

28 February 2006 By Edward Hadas

The US accounts for 15% of P&O s global port capacity, but 100% of the fear about security risk from a Dubai takeover. Since that’s a job for Homeland Security, not DPW, the affair risks showcasing racism rather than legitimate concerns about port protection.

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A London judge has delayed his decision on the Dubai Ports World takeover of P&O by one day, according to the Wall Street Journal. The judge's approval was expected on Monday. Judicial approval is needed for this transaction because it is a scheme of arrangement rather than the more usual takeover offer.

The White House said that the decision to extend the investigation of the DPW takeover of US port contracts was a reasonable middle ground. The takeover of P&O is set to close on March 2, assuming UK judicial approval. DPW will not take control of the US ports, which accounted for 8% of P&O's operating profit in 2005, until it receives final US approval.

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