Port Deal To Have Broader Review

Sen. Charles E. Schumer (D-N.Y.), another critic of the deal, agreed that the delay would forestall immediate action in Congress but emphasized that transparency is vital in the new investigation. "If, after the 45-day investigation, it's kept secret, it's given to the president, who after all has come out for this deal already, I don't think that's going to assure the American people," he said on CBS's "Face the Nation."

Under the terms of the deal announced by DP World, the company would proceed with its takeover of P&O. That deal is to be completed Thursday.

But DP World said it would "guarantee" the independence of operations at the ports of New York, New Jersey, Philadelphia, Baltimore, Miami and New Orleans by establishing North American operations as a "completely separate" business unit. Management of the North American operations would be left in the hands of P&O's chief executive in London, who is British. The chief security officer of the North American unit would still be a U.S. citizen, unless the Coast Guard approves a change.

The rest of the current management of P&O in the United States also would remain in place, and DP World pledged not to interfere with operations, policies, procedures or security that was in place when P&O ran the U.S. terminals.

The statement concluded that all these pledges would remain in place until May 1 or the completion of the CFIUS review.

"We are confident the further review by CFIUS will confirm that DP World's acquisition of P&O's U.S. operations does not pose any threat to Americans' safety and security. We hope that voluntarily agreeing to further scrutiny demonstrates our commitment to our long-standing relationship with the United States," Bilkey said.

The deal was worked out over a series of meetings Friday among Frist, Bilkey, DP World lawyers, Cabinet secretaries and White House officials. Late Friday, Frist recommended to the government of the United Arab Emirates and to House Speaker J. Dennis Hastert (R-Ill.) that DP World request a security review and more clearly spell out how it intended to separate its U.S. operations from port management around the world.

DP World executives and their lawyers worked through the agreement all day Saturday, while GOP leaders in Congress and White House officials focused on the next political steps. Ueland said Frist is pleased with yesterday's company statement, indicating it comported with his expectations.

Staff writers Anne Hull and Jim VandeHei contributed to this report.