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DP World US terminals sale in jeopardy

DP World US terminals sale in jeopardy

Dubai: Dubai Ports World's has stated that it's plan to sell off six American port operations may fall through unless the New York and New Jersey port authorities abandon a multimillion dollar claim against the company.

DP World made the decision to sell its newly acquired terminals in New York, New Jersey, Newark, Baltimore, Philadelphia, Tampa and New Orleans to the AIG Global Investment Group after a political uproar deeming the purchases a threat to national security. However, the demand for an undisclosed sum - rumoured to be between $30m to $84m, by two of the port authorities has led to a standstill in the negotiations.

"If the Port Authority continues with its unreasonable request, the sale will fail," DP World ceo Mohammed Sharaf and AIG md Christopher Lee wrote in a letter obtained by the Associated Press. Local politicians have urged both parties to conclude the sale as soon as possible.  [16/02/07]