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By MEREDITH COHN and MEREDITH COHN,SUN REPORTER | July 23, 2006
Dubai Ports World last week launched its effort to sell some of the U.S. marine terminals it controls after facing a blistering rebuke earlier this year from congressional leaders. The state-owned Arab company agreed to find an American buyer after it was unable to sway critics that it was not a security threat. It plans to sell only the U.S. portion of the $6.8 billion global portfolio it bought in March from London-based Peninsular & Oriental Steam Navigation Co. The company and analysts said at the time that it was sure to be a complicated effort.
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BUSINESS
By Bloomberg News | January 8, 2008
NEW YORK -- Foreign investors exploited the declining U.S. dollar over the past three months to snap up American companies at the fastest pace in at least a decade. Buyers from Dubai to the Netherlands accounted for 46 percent of the $230.5 billion in U.S. mergers and acquisitions announced in the fourth quarter, the biggest share since 1998 when Bloomberg started compiling the data. The total excludes $17.9 billion of so-called passive investments by state-run funds in Asia and the Middle East in U.S. banks, including Citigroup Inc. The influx of overseas buyers cushioned a drop in domestic deals, as tighter credit markets ended the leveraged buyout boom that spurred record-setting takeovers in the first half 2007.
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BUSINESS
By Meredith Cohn and Meredith Cohn,Sun reporter | February 17, 2007
A tentative deal was reached yesterday between the Port Authority of New York and New Jersey and a Dubai company that has briefly run some U.S. port terminals, clearing the way for a sale that members of Congress demanded on national security grounds. DP World acquired some management contracts at marine terminals in New York, Baltimore and elsewhere last year but was forced to put them up for resale after an election-year fracas on Capitol Hill that centered on foreign ownership at U.S. ports.
BUSINESS
By Bloomberg News | September 25, 2007
Abu Dhabi National Energy Co., the state-controlled power generator and oil producer, has agreed to buy Canada's PrimeWest Energy Trust for about $4 billion in the biggest-ever North American takeover by a United Arab Emirates company. Persian Gulf states, flush with cash from burgeoning oil revenue, are buying overseas assets at a record pace. PrimeWest, based in Calgary, Alberta, would be Abu Dhabi National's sixth overseas acquisition since November. The deal would give Abu Dhabi National, also known as Taqa, daily production of oil and gas equivalent to more than 61,000 barrels of oil in Canada and the United States, the companies said in statement yesterday.
BUSINESS
By Meredith Cohn and Meredith Cohn,Sun reporter | February 16, 2007
The Dubai company forced to exit U.S. ports over security concerns now says that its long-awaited deal to sell assets in Baltimore and elsewhere is in jeopardy because officials at the Port Authority of New York and New Jersey are demanding a multi-million payout to approve the transaction. In a letter to the authority yesterday, officials from DP World and American buyer AIG Global Investment Group accused the port of seeking an unwarranted $84 million fee, and "if the port authority continues with its unreasonable request, the sale will fail."
NEWS
By JULIE HIRSCHFELD DAVIS AND GWYNETH K. SHAW and JULIE HIRSCHFELD DAVIS AND GWYNETH K. SHAW,SUN REPORTERS | March 11, 2006
WASHINGTON -- President Bush, who lost a power struggle with Congress over a Dubai company's bid to buy into terminals at some U.S. ports, said yesterday that he is concerned that the backlash against the deal could undercut his administration's efforts to fight terrorism. "I'm concerned about a broader message this issue could send to our friends and allies around the world, particularly in the Middle East," Bush told a gathering of newspaper publishers. "In order to win the war on terror, we have got to strengthen our relationships and friendships with moderate Arab countries in the Middle East."
NEWS
By GWYNETH K. SHAW and GWYNETH K. SHAW,SUN REPORTER | February 27, 2006
WASHINGTON -- Intensifying its efforts to placate critics in Congress, a United Arab Emirates company volunteered yesterday to submit its takeover of some operations at six major U.S. seaports -- including Baltimore's -- to a second Bush administration probe of potential national security implications. The offer, which emerged from extensive talks among state-owned Dubai Ports World, White House officials and congressional leaders, could turn down the heat on an issue that has opened a huge, and rare, split between President Bush and members of his Republican Party.
NEWS
December 13, 2006
The sale of Dubai Ports World's U.S. assets to New York-based AIG Global Investment Group brings to a close a rather sad chapter for this country and particularly for the shipping community. DP World divested itself of operations in Baltimore, New York, Miami and elsewhere with far more grace and diplomacy than the shameful circumstances warranted. The company's chief executive officer may politely describe last winter's political uproar as a "difficult experience," but it was something far worse - irrational and potentially self-destructive fear-mongering that tapped Americans' post-9/11 distrust of all things Arab.
NEWS
By GWYNETH K. SHAW and GWYNETH K. SHAW,SUN REPORTER | March 3, 2006
WASHINGTON -- Calling the United Arab Emirates a "bazaar for terrorist nations" that want to move dangerous materials around the world, the Republican chairman of the House Armed Services Committee said yesterday he intends to try to block the sale of a UAE-owned company's purchase of a firm that controls some operations at six major seaports, including Baltimore's. GOP Rep. Duncan Hunter of California also said he would push for legislation to force foreign companies out of infrastructure critical to national security, such as seaports, and work to stop Dubai Ports World from taking over some terminal operations in Baltimore; New York; Newark, N.J.; Philadelphia; Miami, and New Orleans.
NEWS
By GWYNETH K. SHAW and GWYNETH K. SHAW,SUN REPORTER | March 1, 2006
WASHINGTON -- A top official of the Dubai-owned company poised to take over some operations in Baltimore and at other major U.S. seaports told Congress yesterday that he is confident that a new, more in-depth review of the deal will result in the same conclusion: That the sale poses no threat to national security. Edward H. Bilkey, chief operating officer of Dubai Ports World, told the Senate Commerce Committee that the state-owned company welcomed the chance to give Congress and the American public more time to understand the implications of his company's purchase of British-based Peninsular & Oriental Steam Navigation Co. He said he hoped the new, 45-day probe - for which DP World volunteered Sunday - would demonstrate the company's commitment to being a "responsible corporate citizen."
BUSINESS
By Meredith Cohn and Meredith Cohn,sun reporter | March 17, 2007
The Dubai terminal operator is officially out. The U.S. insurance giant is in. DP World was forced by security-minded U.S. lawmakers last year to sell its stake in U.S. port terminals, including one in Baltimore, and the company said yesterday that it closed on the deal. AIG Global Investment Group, the U.S. insurer's asset manager, bought the U.S. portfolio - called P&O Ports North America - for an undisclosed sum. It will be renamed Ports America. The sale had been held up temporarily by the Port Authority of New York and New Jersey.
BUSINESS
By Meredith Cohn and Meredith Cohn,Sun reporter | February 17, 2007
A tentative deal was reached yesterday between the Port Authority of New York and New Jersey and a Dubai company that has briefly run some U.S. port terminals, clearing the way for a sale that members of Congress demanded on national security grounds. DP World acquired some management contracts at marine terminals in New York, Baltimore and elsewhere last year but was forced to put them up for resale after an election-year fracas on Capitol Hill that centered on foreign ownership at U.S. ports.
BUSINESS
By Meredith Cohn and Meredith Cohn,Sun reporter | February 16, 2007
The Dubai company forced to exit U.S. ports over security concerns now says that its long-awaited deal to sell assets in Baltimore and elsewhere is in jeopardy because officials at the Port Authority of New York and New Jersey are demanding a multi-million payout to approve the transaction. In a letter to the authority yesterday, officials from DP World and American buyer AIG Global Investment Group accused the port of seeking an unwarranted $84 million fee, and "if the port authority continues with its unreasonable request, the sale will fail."
NEWS
December 13, 2006
The sale of Dubai Ports World's U.S. assets to New York-based AIG Global Investment Group brings to a close a rather sad chapter for this country and particularly for the shipping community. DP World divested itself of operations in Baltimore, New York, Miami and elsewhere with far more grace and diplomacy than the shameful circumstances warranted. The company's chief executive officer may politely describe last winter's political uproar as a "difficult experience," but it was something far worse - irrational and potentially self-destructive fear-mongering that tapped Americans' post-9/11 distrust of all things Arab.
BUSINESS
By Meredith Cohn and Meredith Cohn,sun reporter | December 12, 2006
The Middle Eastern company forced to sell its operations in Baltimore and five other U.S. ports in a pre-election fracas over maritime security said yesterday that it has picked a buyer. DP World said AIG Global Investment Group, the giant U.S. insurer's asset manager, was the highest bidder. AIG will be entering the port business for the first time. The sale is not expected to have much impact on the operations at the ports because AIG has said it plans to retain the current port management and may even keep the name of the former port operator.
BUSINESS
By MEREDITH COHN and MEREDITH COHN,SUN REPORTER | July 27, 2006
The former owner of a Baltimore-based auto handling firm said this week that he is interested in the U.S. port assets being auctioned by a Dubai company under pressure from Capitol Hill. Many other bidders are expected to line up for the Dubai Ports World assets - which include terminals at the port of Baltimore and about two dozen other ports. Timothy Chadwick appears to be the first to publicly acknowledge interest. Chadwick, who has dual U.S. and British citizenship, headed American Port Services, which handled cars imported and exported through Baltimore and other cities, until it was sold in 1998 to a British port operator that resold it to a New York private equity group this year.
BUSINESS
By MEREDITH COHN and MEREDITH COHN,SUN REPORTER | July 27, 2006
The former owner of a Baltimore-based auto handling firm said this week that he is interested in the U.S. port assets being auctioned by a Dubai company under pressure from Capitol Hill. Many other bidders are expected to line up for the Dubai Ports World assets - which include terminals at the port of Baltimore and about two dozen other ports. Timothy Chadwick appears to be the first to publicly acknowledge interest. Chadwick, who has dual U.S. and British citizenship, headed American Port Services, which handled cars imported and exported through Baltimore and other cities, until it was sold in 1998 to a British port operator that resold it to a New York private equity group this year.
NEWS
By GWYNETH K. SHAW AND JULIE HIRSCHFELD DAVIS and GWYNETH K. SHAW AND JULIE HIRSCHFELD DAVIS,SUN REPORTERS | March 10, 2006
WASHINGTON -- Bowing to extreme public and political pressure, a United Arab Emirates company said yesterday that it would give up its management stake in U.S. seaports, including Baltimore's, rather than continue to fight what increasingly appeared to be a lost battle. For more than three weeks, the pending sale of British-owned Peninsular & Oriental Steam Navigation Co. to state-owned Dubai Ports World has generated controversy, splitting many congressional Republicans - especially in the House of Representatives - from President Bush, who had said repeatedly that he supported the deal.
BUSINESS
By MEREDITH COHN and MEREDITH COHN,SUN REPORTER | July 23, 2006
Dubai Ports World last week launched its effort to sell some of the U.S. marine terminals it controls after facing a blistering rebuke earlier this year from congressional leaders. The state-owned Arab company agreed to find an American buyer after it was unable to sway critics that it was not a security threat. It plans to sell only the U.S. portion of the $6.8 billion global portfolio it bought in March from London-based Peninsular & Oriental Steam Navigation Co. The company and analysts said at the time that it was sure to be a complicated effort.
BUSINESS
By MEREDITH COHN and MEREDITH COHN,SUN REPORTER | March 26, 2006
The last time the largest terminal operator at the port of Baltimore was sold, in 1999, there wasn't much to the transition. "They gave us stickers with the new logo to put on the door," said Bayard Hogans, an eight-year veteran of P&O Ports North America. He and others thought that when P&O was sold to Dubai Ports World earlier this month - in a deal involving P&O's British parent company - they would get another logo for their offices in a small building that faces the gate at Seagirt Marine Terminal.
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