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HISRHEMA4U Firm Tries to Block U.S. Port Deal in U.K.
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Firm Tries to Block U.S. Port Deal in U.K. Fri Feb 24, 1:14 PM ET
PASTOR STEPHANIE SMITH
Feb 28, 2006
Fri Feb 24, 1:14 PM ET
LONDON - A U.S. firm asked a British court Friday to block the United Arab Emirates' takeover of a company that runs six major American seaports.
Miami-based Eller & Co. asked London's High Court to withhold approval of the $6.8 billion takeover, which has sparked a political showdown between outraged U.S. lawmakers and the Bush administration, which has approved the deal.
Eller, a business partner of British shipping icon Peninsular and Oriental Steam Navigation Co., has filed a similar lawsuit in the United States.
DP World, the state-owned port operator in Dubai, won the support of the P&O board after a bidding war for the 165-year-old British company. Opposition to the deal in the United States has grown on concerns about port security.
The United Arab Emirates company has volunteer ed to postpone its takeover and the White House said on Friday the delay would help give the administration time to convince skeptical lawmakers the deal does not leave ports open to terrorist attack.
P&O runs ports in New York, New Jersey, Baltimore, New Orleans, Miami and Philadelphia.
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