I think the "probably" still stands, because the notion of an "anticipatory breach" in a merger/acquisition of this sort may not necessarily apply. If I am the Port Authority of NY and NJ and I have a lease arrangement with P&O Ports, I may have a very strong case if I decide to terminate the lease in the event the ownership of P&O changes. I didn't sign the deal with DPW -- I signed it with P&O.
Maybe. It would very intersting to see the actual contrats between P&O and the various port authorities. And it would be highly ironic if the local level reversed the federal rubber stamp. Local authorities do, after all, have a slightly more acute and personal interest.