AIG Global Investment Group will buy DP World's six container ports at New York, Newark, Baltimore, Philadelphia, Tampa and New Orleans after the Dubai company was compelled to divest its holding because of American political pressure in the wake of the War on Terror.
AIG, America's largest insurer will purchase the US terminals and other American harbour facilities, DP World CEO Mohammed Sharaf told Bloomberg. DP World sought US$700 million earlier this year for the properties, but the price of the AIG deal was not disclosed.
When DP World purchased London's P&O line for $6.8 billion it became the world's third-largest container-port operator after Singapore's PSA International, but agreed to sell its US holdings because of widespread political protests on perceived security problems.
AIG Global Investment Group manages $635 billion in assets, most of which are funds held to pay claims for policyholders of property, casualty and life insurance.
(Asian Shipper News)
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