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Politics : PRESIDENT GEORGE W. BUSH
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To: PROLIFE who wrote (727811)2/24/2006 1:34:17 PM
From: Bill  Read Replies (2) of 769670
 
It needs to be understood that this was an M&A deal, not a contract bid. P&O received competing offers to buy the operating company that manages the US ports from Dubai Ports World and from PSA/Neptune Orient in Singapore. The successful bid from the Arabs was 20% higher than analysts believed the business was worth.

As with any foreign purchase of operations in the US, US govt approval was necessary.

So two things have been stated by the media, which are patently false.
1. That no US company manages US ports.
2. That US taxpayers would pay $6.8B if the deal is rejected.

The veracity of a 3rd media assertion, that no US company bid on acquiring this business, is unknown. My guess is that it could very well be true. The issue is more a matter of price than it is operational capability. SSA Marine and other domestic operators certainly have the capability, but likely cannot complete price wise with nationalized firms backed by foreign government money.
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