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DP World agrees sale of US terminal assets

DP World agrees sale of US terminal assets

Dubai: DP World reports it has has agreed to sell the US port assets formerly belonging to P&O Ports, collectively termed P&O Ports North America, to AIG Global Investment for an undisclosed sum. The move follows political furore over DP World's takeover of P&O Ports earlier this year and the security implications of an overseas buyer taking control of US strategic port assets. The Democrat party has pledged to reconsider rules governing foreign acquisition of certain US assets should it come to power, however.

Separately, DP World is reported to be interested in taking a 49% stake in Hamburg port operator HHLA.

DP World is currently the world's third largest port and terminal operator with 51 terminals in 24 countries, which collectively handled over 37m teu in 2005, a senior official disclosed at last week's Seatrade Middle East Maritime convention. A further nine development projects are underway with a combined capacity of 24m teu when operational.  [12/12/06]