Dubai Ports World sold to American company

http://www.zeenews.com/articles.asp?aid=360622&sid=BUS&ssid=53

Dubai Ports completes sale of controversial US operations

Dubai, March 17: Dubai Port operator DP World has completed the sale of its US operations, drawing the curtain on its controversial investment in the United States, the official WAM news agency reported on Saturday.

The state-owned company said it has finalised yesterday a deal to sell its wholly owned subsidiary P & O Ports North American (Popna) to AIG Global Investment Group.

It did not disclose the price.

An internet statement said the sale "fulfills the commitment made by DP World last year to sell its US assets to an American buyer."

DP World had acquired its US operations early last year through its USD 6.9 billion acquisition of P & O -- a deal making it one of the world's largest port operators.

But following fierce Congressional opposition to the US part of the deal on security grounds, and despite the backing of President Geroge W Bush, the Dubai government decided in March to relinquish DP world's operations at six US ports.

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http://www.aiggig.com/aig/default.htm

AIG Global Investment Group

AIG Global Investment Group (AIGGIG) comprises a group of international companies which provide investment advice and market asset management products and services to clients around the world. AIGGIG is a worldwide leader in asset management, with extensive capabilities in equity, fixed income, hedge funds, private equity, and real estate.

AIGGIG manages approximately US $670.4 billion in assets, and employs more than 1,900 professionals in 44 offices around the world as of 31 December 2006.

was the company that wanted to control US ports; such a stink was made that they sold to a US company (supposedly; not sure we'll ever know what the real deal is).