Actually the DPWorld takeover of P&O is a done deal. The P&O shareholders approved the deal and DPWorld has the legal ownership of P&O's assets and infrastructure worldwide.
JMO, it is better to watch DPWorld than ruin investor confidence in American business due to bloviaters who could have warned Americans months ago of the deal, but decided not to, to make political hay of a company that BTW, has a good worldwide reputation within the shipping circles.
Bush would have to approve the transfer of P&O's contracts to administer the six ports. He doesn't have to do it, and I hope he does not do it.
From their own website:
13 Febuary 2006 DP World to acquire P&O We are delighted to announce that the shareholders of P&O have approved the sale of shares to DP World. At an EGM held in London this afternoon, the shareholders voted over 99% in favour of the DP World acquisition. This means that the process of transferring ownership can now begin, and we expect for this to be confirmed by the court on 2nd March 2006.
Other than the sanction of the Court, which will be sought at a hearing expected to be held on 27 February 2006, all conditions to the completion of the Offer, the Concessionary Stock Acquisition and the Preferred Stock Cancellation have now been satisfied or waived. Therefore, it is expected that completion of the Acquisition will occur on 2 March 2006.
Have you read the proposed contract language?
APPENDIX 1There are any number of ways this deal can go sour. Your concept of the ports being stripped of equipment is just plain ROTFL funny. Even when you are on the correct conclusion side of an issue, your arguments incline the reader dismiss you out of hand.
CONDITIONS TO THE OFFER1 Conditions of the Scheme
The Offer will be conditional upon the Scheme becoming unconditional and becoming effective by not later than 29 November 2006 or such later date (if any) as (subject to the Code) the Offeror and P&O may agree and (if required) the Court may allow. The Scheme will be conditional upon: ...
2 Conditions of the Offer
P&O and the Offeror have agreed that the Offer is conditional upon the following matters, and, accordingly, the office copy of the Court Order will not be delivered for registration to the Registrar of Companies in England and Wales unless such Conditions (as amended if appropriate) have been satisfied or waived:
2.1 the Offeror having made all necessary filings ("EFA Filings") pursuant to the Exon-Florio Amendment, Section 721 of Title VII of the Defence Production Act of 1950, as amended, 50 U.S.C. App. Section 2170 (the "EFA") and:
2.1.1 the Committee on Foreign Investment in the United States ("CFIUS") having advised the Offeror in writing of its determination pursuant to Section 800.502 of the United States Department of the Treasury's regulations implementing the EFA (31 C.F.R. Part 800) (the "Regulations") not to investigate the acquisition by the Offeror of P&O's United States operations (the "U.S. Acquisition"); or
2.1.2 if CFIUS determines to investigate the U.S. Acquisition pursuant to Section 800.503 of the Regulations, the President of the United States having not announced a decision to take action against the U.S. Acquisition by no later than midnight on the fifteenth (15th) calendar day after the completion or termination of the investigation by CFIUS or, if the fifteenth (15th) calendar day is not a business day, no later than the next business day following the fifteenth (15th) calendar day, pursuant to Section 800.504 of the Regulations; or
2.1.3 ninety (90) calendar days have elapsed since the Offeror submitted an EFA filing which CFIUS has accepted as complete;
2.2 all required filings having been made under the United States Hart-Scott-Rodino Antitrust Improvements Act of 1976 (as amended) and the rules and regulations thereunder and all or any applicable waiting periods with respect thereto having expired, lapsed or been terminated as appropriate, in each case in respect of the Offer;
2.3 one of the following occurring:
2.3.1 the Offeror receiving written notice issued by or on behalf of the Treasurer of the Australian Government ("Treasurer") stating that there are no objections under the Australian Government's foreign investment policy to the Acquisition; [more snipped] ...
2.4 the Offeror having received written notice from the Australian Competition and Consumer Commission ("ACCC") that the ACCC does not propose to intervene in completion of any transaction contemplated by the Offer;
2.5 one of the following occurring in relation to the Acquisition:
2.5.1 the German Federal Cartel Office (the "Bundeskartellamt") notifying the Offeror that the conditions for a prohibition under Section 36 paragraph 1 of the German Act Against Restrictions of Competition ("GWB") are not satisfied; or [more snipped] ...
2.6.1 the UK Competent Authority indicating in terms reasonably satisfactory to the Offeror that it has decided not to refer the Acquisition or any part of it to the Competition Commission; ...
2.7.1 the bodies of the Spanish Public Administration as defined by Law 16/1989, of 17 July, for the Defence of Competition, including (with their respective powers) the Service for the Defence of Competition, the Tribunal for the Defence of Competition and the Council of Ministers having expressly or tacitly approved the Acquisition under Article 15 bis (2) of the Spanish Competition Act ("Ley de Defensa de la Competencia, Law No. 16/1989, of 17 July 1989"); ...
2.8 the receipt of evidence in form and substance reasonably satisfactory to the Offeror, that in relation to the Offer and the acquisition of control of P&O by the Offeror or any member of the Offeror Group, all necessary filings have been made and all applicable waiting and other time periods have expired, lapsed or been terminated and any approvals reasonably deemed necessary or desirable by the Offeror in the context of the Offer as a whole have been obtained, provided that this condition does not relate to any filing, applicable waiting or other time periods and/or approvals directly or indirectly related to, or connected with, the legislation, practice and/or authorities or other bodies referred to in Conditions 2.1 to 2.7 (inclusive); ...