DP World passes Bush administration scrutiny

DP World passes Bush administration scrutiny    The Bush administration has given its approval to DP World’s $6.8 billion acquisition of Peninsular and Oriental Steam Navigation Co., according to an Associated Press report Sunday.
   The AP report noted that the secretive U.S. Committee on Foreign Investment in the United States, which comprises officials from the departments of State, Homeland Security, Justice, Treasury, Commerce and Defense, did not object to the transaction. The committee reviews business transactions when national security may be at risk.
   Miami-based Eller & Co. requested the committee’s review, citing DP World’s base of operations in the United Arab Emirates. The Bush administration views the U.A.E. as a partner in the war against terrorism. President Bush also recently tapped DP World executive Dave Sanborn to serve as the country’s next maritime administrator.
   According to the AP report, DP World would operate former P&O marine terminals in New York-New Jersey, Baltimore, Miami, Philadelphia and New Orleans after the acquisition is complete.