Posted on 03/03/2006 6:08:18 PM PST by Cornpone
LONDON: A London High Court judge ruled on Thursday that Dubai Port World's (DPW) $6.85 billion proposed takeover of P&O can go ahead, despite objections from one of the British firm's partners in the United States.
Justice Nicholas Warren sanctioned a so-called scheme of arrangement allowing the deal to proceed, rejecting submissions from US ports operator Eller & Co and two private P&O shareholders who oppose the takeover for different reasons.
"The objections of Eller do not persuade me that I should not sanction the schemes," Justice Warren said.
Lawsuits have been filed in the United States and London in a bid to block the deal, which some US congressmen and port operators fear could compromise the country's national security.
The deal will see state-owned DPW of the United Arab Emirates take over the terminals in six major US ports, including in New Jersey and New York.
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.