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Originally posted by Beachcoma
I followed the link above, it said something about DP World "taking over P&O's stevedoring operations in the US". What's 'stevedoring'?
In reality, DPW is a front-company 100 percent owned by the government of Dubai. The nearly $7 billion in debt financing put together by international bankers to finance the DPW acquisition of P&O was predicated on the A1 Moody's rating of the government of Dubai, plus the assurance that the "full faith and credit" of the government of Dubai would guarantee 100 percent repayment of all loans and interest payments required to debt finance this leveraged acquisition.
Originally posted by smallpeeps
Who are the bankers who set it up?
Originally posted by DontTreadOnMe
I'd like to see another source on this, but could not find any.
UPI Pentagon Correspondent
WASHINGTON, Feb. 24 (UPI) -- A United Arab Emirates government-owned company is poised to take over port terminal operations in 21 American ports, far more than the six widely reported.
The Bush administration has approved the takeover of British-owned Peninsular & Oriental Steam Navigation Co. to DP World, a deal set to go forward March 2 unless Congress intervenes.
P&O is the parent company of P&O Ports North America, which leases terminals for the import and export and loading and unloading and security of cargo in 21 ports, 11 on the East Coast, ranging from Portland, Maine to Miami, Florida, and 10 on the Gulf Coast, from Gulfport, Miss., to Corpus Christi, Texas, according to the company's Web site.
I'd also like to know the reason this particular sale came to the surface.
Did you ever stop and think how much of America is already owned and by whom?
SPURRED BY LAX ANTITRUST ENFORCEMENT and burgeoning laissez-faire dogma under Democratic and Republican administrations alike, the U.S. economy for two decades has been consumed in an epic corporate merger and consolidation movement
Broad statistics tell part of the story: The dollar value of corporate mergers and acquisitions amounted to $1.4 trillion during the 1980s, exploded to $11 trillion during the 1990s, and continued at a frenetic pace of $7.6 trillion during 2000-2003 (including $3.4 trillion in 2000 alone)--adding up to a combined total of $20 trillion of corporate mergers and acquisitions over the past 25 years.
The group is finacialy sound and business was growing at 11 / 12 % over the year and was continuing to grow. I cannot for the life of me fathom out why you would sell unless you were either forced to, or an over the top offer was made. Its making less and less sense as it goes on.
Originally posted by MadGreebo
yes im sure theres lots of business sense in selling up whilst the goings good type of thinking, but please, the carlye group? Baker, Bush 1 + 2, Major, Blair.... the list goes on.... and wtf is going on with the UAE buying it? The billions are heavily backed by banks because the UAE cannot afford it alone....thats what its about. Whos really going to benefit?