Brits Let Dubai Deal Proceed

As expected, Dubai Ports' take-over of P&O passed like a Tobasco and Ex-Lax cocktail through the British courts, as justices there slammed the door they opened a crack last week:

The Court of Appeal declined to hear an appeal from Miami-based Eller & Co., which had tried to have the deal barred on technical grounds, arguing that U.S. concerns about a United Arab Emirates company owning significant operations at six major U.S. seaports could harm its business. ...

The deal was originally due to be closed last Thursday, but Eller's last-minute petition resulted in an extended three-day hearing in the High Court - which must give approval for the takeover to go ahead.

Justice Nicholas Warren gave that approval on Thursday, but placed a hold on his ruling to allow Eller to take the case to the higher court.

Justices Anthony Lloyd, David Neuberger and Martin Moore-Bick lifted the hold order Monday as they ruled that Eller had no case on four technical grounds, including an argument that hundreds of shareholders in Australia were not given adequate notice of a vote on the deal because of a mailing problem. (source)

Eller says it will continue to fight the deal in US courts.