So this means that Dubai was able to invest in an American company. They will have 1/3 interest via stock purchased from another foreign company, and the Miami port will be run by the American company that has been there for many years?
FIrst, I believe it's 50/50, with the other 50 owned by Eller and Florida Stevadoring. But that's not important.
Second, it's not quite like ownership, but it sure looks like ownership. I'm having trouble thinking of a good analogy, let me try one. You get divorced, you and your spouse each own half a house in partnership. You get re-married in a state where your new spouse is automatically a 50/50 partner in all your assets.
But your new spouse can't move into the house she supposedly owns half of, because her assumption of half your assets can't change the parameters of the partnership deal regarding the house.
I beleive law firm partnerships are like this as well. You can't simply sell your partnership to anybody, the other partners have to all agree. In this case DP World can't sell the POTCMO company because they don't own it, they have a partnership interest in it. And they can't even just sell their partnership, unless allowed under terms of the partnership agreement (which I presume from the article don't allow that), and probably only to someone who was acceptable to the other partners.
And since one of the other partners is Eller, who started this whole thing, I would guess they would veto ANY other partners, thus forcing DP World to sell to them, and Eller could offer whatever pittance they cared to offer.
This is why it would be difficult for the congress to interfere in this partnership deal.
Maybe Eller will offer a fair price, and DP World will sell. It doesn't sound like that's happening now.
P&O ports is not P&Q. P&O owns 50% of POMTCO. P&Q leases aa terminal from POMTCO.