Posted on 02/22/2006 12:04:51 PM PST by johnmecainrino
P&O agrees to $6.4 bln bid by Singapore's PSA LONDON/DUBAI (Reuters) - UK ports and ferries group P&O has agreed to a $6.4 billion takeover bid from Singapore's PSA International, which would create the world's largest ports company, the British company said on Thursday. P&O's board said it had recommended the 470 pence-per-share cash offer by PSA, throwing out a previously-agreed bid by Gulf state-backed Dubai Ports World. Analysts and investors expect Dubai Ports to fight back to try to win control of the owner of container ports at Tilbury near London, New York and Vancouver among others. The widely expected PSA offer is expected to spark a bidding war between companies from the city states of Dubai and Singapore. Dubai Ports was planning a counter strike, sources close to the situation told Reuters.
(Excerpt) Read more at boston.com ...
They are the major players in the shipping industry. An american company isn't on the radar compared to these two companies but don't tell that to Lou Dobbs. He thinks American companies will just magically appear.
Also this deal is a huge deal. It involves two ports in the uk, major ports in india. That is why when they connect it to Bush it is hillarious.
Also Schumer could have killed this deal months ago when he knew UAE was in a bidding war with singapore. Back in August Schumer killed the china unocal deal in the bidding war phase. He made the shareholders switch from the chinese company to chevron based on the political pressure. If Schumer really wanted the deal killed he would have stepped in earlier.
Schumer purposefully waited until after the shareholders approved the deal and singapore dropped out. He also waited until the committee gave its approval. The shareholders would have gone with singapore in a second if any political pressure had been raised against dubai in the bidding process. They want nothing to do with having to go to court. Last year congress was silent in a key dubai transaction monitoring u.s cargo to go overseas.
Now the deal is complete and under law passed by the u.s government could only reverse its decision if the company lied in the application process.
Schumer is the head of the senate campaign committee. He played this perfectly and the conservatives took his bait.
Also congress is going to use this to take away another power from the president.
Now clueless congresscritters are acting like spoiled kids wanting in on the review process. They want to make foreign policy decisions when they are clueless in this arena.
I discovered ther is an America company with sizable port operations ,SSA marine. However even in Long Beach it's joint ventured with a Chinese Gov. owned shipping company, COSCO.
The biggest container terminal companies in the world
leading operators
Hutchison Port Holdings
PSA Corporation
APM Terminals
P&O Ports
China Ocean Shipping (Group) Company (COSCO)
Eurogate
Dubai Ports Authority (DPA)/Dubai Ports International (DPI)
Evergreen Marine Corporation
SSA Marine
Mediterranean Shipping Company (MSC)
Hamburger Hafen- und Lagerhaus- AG (HHLA)
American President Lines (APL)
Hanjin Shipping Co. Ltd
NYK Line (including Ceres Terminals Inc.)
OOCL
Dragados (ACS Group)
Grup TCB
International Container Terminal Services Inc. (ICTSI)
It's a political football. Politicians scrambling for press time to be there to "voice their concern" over safety.
Disgusting from the RATS, revolting from the GOP.
I feel sorry for anyone who gets in between Chucky and a TV camera.
You forgot to mention Bill Frist and Denny Hastert want an investigation. If they're what you call Liberals then you have a strange definition of "liberal".
Unless by "liberal" you mean "anybody who doesn't agree with Bush 100% of the time."
If there's one thing a politician hates, it's getting thousands of hostile phone calls. They had to make some kind of comment to cut back on the volume of calls.
When this is discussed more and conservatives calm down, these 2 will moderate their position.
I wondered if Weird Al Gore's flatulence last week is part of the set-up with Schmuckie.
http://www.forbes.com/markets/feeds/afx/2006/01/11/afx2442476.html
You should note the article is a month old.
Nobody's "calming down" until all the facts are on the table.
Chertoff's fact-free reassurances, "I am from the government and I'm here to help you," just won't cut it.
Nobody? Wrong...lots of people are calmly assessing facts.
Others would rather get into a frenzy. They're part of the masses which are so easily whipped up.
What you call "the masses" I call "the people."
As in "we, the people of the United States."
You may think the US is immune to this but it happens in the US too. All the time.
The deal is legal under our law. No American company bid on the contract. Would your answer be to shut down the port so we can't receive or send goods?
If you and the citizen on the street want to change the law so no foreigner can bid on contracts then that's a different story.
But it's not smart to condemn some for following the existing law.
There is already a review process under existing law; it's already legal for the government to block the deal on national security grounds. The people charged with that responsibility have said the deal is okay. I'm asking, along with most of the Congress and most of the people polled on the issue, "What are you people smoking??"
http://www.nationalreview.com/symposium/symposium200602211008.asp
But, this is not only about elections.........it is also about upcoming conflicts with Syria and Iran................Bush is way ahead of everybody involved. This has been going on since Bush stepped into the ring............appearing weak, and then kicking butt. He is so good at this game.......that many conservatives are pulled in as well. Call it the "flea-flicker", "shell game", "rabbit out of the hat".......whatever......I call it "awesome"!
Makes one wonder if anyone took iranian money for this hysteria-generating effort on their behalf.
One thing I believe, in my heart, is that Bush is a man who seeks the council of providence daily, and I believe that many of his prayers are answered............were it that we all could be so inclined.
More than anything right now, our president needs our prayers. And, our valiant soldiers, sailors, airmen and marines as well.................
I have always been under the impression that it may be Dubai's and UAE's oil money but it Palestinian professionals who keep the country running.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.