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British Court hears challenge to Dubai Ports takeover bid |
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2/28/2006 8:20:28 AM |
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London - A High Court judge in London was Monday asked to block the controversial 6.8 billion dollar takeover of British shipping giant P&O by Dubai Ports World (DPW).
Objections to the takeover were raised by Miami-based Eller & Co, which has a joint venture agreement with a P&O subsidiary and claims that the deal would harm its interests.
Eller filed a last-minute petition last Friday asking the court not to approve the deal with DPW, which is controlled by the ruling family of the United Arab Emirates (UAE).
The company has already filed a similar lawsuit in the US.
In response to a political storm in Washington over the proposed deal, DPW Sunday announced a 45-day postponement to allow a further security review.
An unusual number of legislators from both major parties in the US Congress have voiced fierce opposition to allowing a company owned by Middle Eastern rulers to control US port operations.
A number of US legislators, along with state governors and local officials in the affected ports, have pointed out that two of the September 11 suicide hijackers were from the UAE.
The non-US portion of the deal will proceed, but the takeover of six US ports - New York, New Jersey, Baltimore, Miami, Philadelphia and New Orleans - will be put on hold.
The deal had originally been expected to be formally sanctioned at the High Court hearing in London Monday.
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