DP World to retain no stake in US port operations

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March 16, 2006 02:02

 
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A Dubai-owned company announced Wednesday it will sell all its US port operations within six months to an unrelated American buyer and providing new details about its sales plans that were forced by congressional worries about terrorism security. Lawmakers who criticized the Bush administration for approving DP World's earlier plans to operate in the United States said they were satisfied. Still, the US House voted 377-38 Wednesday to express formally its opposition to DP World running any port terminals in America. DP World, the world's third-largest ports company, said that until the sale is completed its US businesses will operate independently. The announcement was the first time DP World described its plans for the newly acquired US operations as a "sale" to a single American buyer and indicated it would retain no stake.

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