The UAE company, Dubai Ports World, has agreed to a second investigation before proceding with their aquisition of Peninsular and Oriental Steam Navigation Co.
The Bush administration said Sunday it will accept an extraordinary offer by a United Arab Emirates-based company to submit to a second — and broader — U.S. review of potential security risks in its deal to take over significant operations at six leading American ports. The plan averts an impending political showdown.
The Treasury Department said in a statement it will promptly begin the review once the company formally files a request for one. It said the same government panel that earlier investigated the deal but found no reason for national security concerns will reconsider it.
In six pages of documents sent earlier in the day to the White House, Dubai-based DP World asked for a 45-day investigation of plans to run shipping terminals in New York, New Jersey, Baltimore, New Orleans, Miami and Philadelphia.
The announcement means the White House likely won’t face a revolt by fellow Republicans when lawmakers return Monday from a weeklong break. A united Republican Party can assert that its leaders — both in Congress and at the White House — have taken additional steps to protect national security.
It will remain to be seen if this offer will satisfy those who are opposed to the transaction. The other factor is the political consequences from the controversy surrounding the deal.
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