P&O buyer to sell US port operations

A Dubai-owned company said today it plans to sell all its US port operations within four to six months to an unrelated American buyer and laid out new details about how it plans to pursue the sale under pressure from Congress.

DP World said until the sale is finalised, its US businesses will be operated independently.

“An expedited sale process is under way and with the cooperation of the port authorities and joint venture partners, it is expected that a sale can be agreed within four to six months,” the company said in a statement.

DP World is seeking to quell concerns raised since its announcement last week that it had bought London-based P&O for £3.89bn (€5.6bn). The British company handles significant operations at ports in New Jersey, New York, Baltimore, New Orleans, Miami and Philadelphia – plus lesser dockside activities at 16 other ports in the United States.