U.S. Firm Loses Appeal of P& O Sale
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Tuesday, March 7, 2006
LONDON, March 6 -- A British appeals court on Monday declined to hear a Miami firm's objection to the takeover of British shipping company P&O Group by Dubai's state-owned Dubai Ports World, giving the go-ahead to a deal that has caused an uproar in the United States over port security.
Miami-based Eller & Co. had argued that U.S. concerns about a United Arab Emirates company managing significant operations at six major U.S. seaports could harm its business. Eller had tried to have the deal barred on technical grounds.
Eller said that it will continue to pursue legal action in the U.S. courts in Florida. "We will continue to fight to protect our business and the livelihood of thousands of our staff and subcontractors," it said.
The $6.8 billion acquisition of the Peninsular and Oriental Steam Navigation Co. was given the required approval by the High Court last week. But High Court Justice Nicholas Warren placed a hold on his ruling to allow Eller to take the case to the higher court.
The rejection of the appeal means that P&O can now list the deal at the British registry Companies House, the final regulatory stage of the transaction.
