DP WORLD, the Dubai-based operator said yesterday it plans to sell all its US port operations within four to six months to an unrelated American buyer and laid out new details about how it plans to pursue the sale under pressure from Congress.
DP World said that until the sale is finalised, its US businesses will be operated independently. The announcement was the first time DP World described its plans for the US operations as a "sale" and indicated it would retain no stake in them.
DP World said it would provide information about its business to "interested parties." It will assess offers based on what it described as "value, deliverability and continuity."
The new disclosures by DP World were responding to questions raised since its announcement about how it intends to transfer the assests to an American company.
Meanwhile, the United States risks "having the doors of the world closed to us" for investment unless it resists the appeal of protectionism, Treasury Secretary John Snow warned yesterday.
Snow said the controversy surrounding the acquisition of the six US Ports facilities by DP World risked scaring off foreign investors.
© 7Days 2006
