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US tightens scrutiny of overseas buyers

US tightens scrutiny of overseas buyers

Washington: The US House of Representatives and Senate have passed different versions of a bill to restructure the government panel that scrutinises foreign purchases of US companies. They follow the security controversy that erupted last year over DP World's purchase of P&O, which included operation of several US terminals. The US Treasury routinely okayed the deal but it was then questioned in Congress. The bills leave the Treasury secretary as chairman of the scrutiny panel but give departments like Homeland Security, Commerce and Defense a stronger role on it. DP World was in the end forced to begin disposing of its US operations. The new bill could have a bearing on the recently mooted sale of OOIL's US terminal assets. [28/07/06]

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