From Fox News:
WASHINGTON “” After Republican leaders warned President Bush that the House and Senate appeared ready to block Dubai Ports World from taking over some U.S. port terminal operations, the company said it would give up its management stake in the deal.
The Thursday announcement was a blow for Democrats, who were pushing for a Senate vote on an amendment that would halt the deal. A few minutes later, the Senate voted to ignore GOP requests to wait until a 45-day review of the deal is completed before they try to stop it.
“This should make the whole issue go away,” Senate Majority Leader Bill Frist said, holding up a copy of the DP World press release. “The [review] process is underway … we should not have to interrupt it on the floor of the United States Senate.”..
Sen. John Warner, R-Va., read a statement from DP World executives on the Senate floor Thursday, announcing the concession.
“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 Operations North America to a United States entity,” DP World’s chief operating officer, Edward H. Bilkey, said in the statement…