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March 09, 2006
I'M HOME AND PRETTY TIRED, but just got an email from CNN saying that the Dubai Ports deal is off. Here's an excerpt from the transcript they included:
SEN. JOHN WARNER (R), VIRGINIA: ... that what I had to say might bear on your remarks. Mr. President, I have had the opportunity to work very closely with the White House and the administration, with our distinguished leader, Bill Frist, and others in the Senate, several of the senators, on this question. And I've had the opportunity to meet and work with representatives of the DP World company, who came to the United States for the purposes of really acknowledging to the world the importance of this contract and their perspective.
I shall not recount the events that have occurred here in the last few days, but i've just been contacted by Edward Bilkey, chief operating officer of DP World, and in an effort to get this message to all interested parties as quickly as possible, I indicated a willingness to read a press release that is now being issued by DP World and Edward Bilkey.
It reads as follows, "Because of the strong relationship between the United Arab Emirates and the United States, and to preserve that relationship, DP World has decided to transfer fully the U.S. operation of P&O Ports North America to a United States entity. This decision is based on an understanding that DP World will have time to effect the transfer in an orderly fashion, and that DP World will not suffer economic loss. We look forward to working with the Department of Treasury to implement this decision." End statement.
His highness Shaikh Mohammed Al Maktoum, prime minister of UAE, has advised the company that in the interest of the UAE, the nation, and the United States, that this action is the appropriate course to take in the future.
Stay tuned. If Halliburton gets the deal, will people think the whole thing was a sucker-punch?