Eller & Co – Dubai Appeal Bid Refused
The appeal of the US ports operator Eller & Co. with regards to the proposed takeover of P&O has been refused by justices. The appeal was made after a High Court judge ruled last week that the takeover of P&O by Dubai Ports World can go ahead.Eller, which is a United States partner of P&O, objected to the ruling because it opposed the takeover. However, Lords Justices Lloyd, Neuberger and Moore-Bick, refused the appeal, and P&O has now made a statement that following the rejection of Eller’s appeal its shares were likely to be de-listed from the London Stock Exchange.
As well as Eller, two private shareholders had also opposed the takeover for a variety of reasons, but Justice Nicholas Warren still went ahead and rules that the takeover could proceed. Lawsuits have been filed both in London and the United States in a bid to stop the takeover from going ahead.
Some officials have expressed concern over the country’s national security in relation to the matter. Six major US port terminals will be taken over by Dubai Ports World as part of the takeover.
Topic Added March 13th, 2006
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