You gotta know when to hold 'em, know when to fold 'em

Dubai Firm to Give Up Stake in U.S. Ports By DAVID ESPO
WASHINGTON (AP) - A Dubai-owned company said Thursday it is giving up its management stake in some U.S. ports, a move made as congressional leaders warned President Bush that both the House and Senate appeared ready to block the takeover.

It was not immediately clear whether the announcement would be enough to cool widespread sentiment in Congress to pass legislation blocking the deal, which has become a burdensome election-year problem for Republicans.

Sen. John Warner, chairman of the Armed Services Committee, took the Senate floor to read to colleagues a company press release disclosing its new stance.

"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 that Warner relayed to other senators. The announcement did not specify which American company would be involved.

The move came as the White House, facing a Republican rebellion in Congress, played down President Bush's veto threat and said he was trying to find a compromise to resolve the uproar over the company's plan to take over significant operations at several U.S. sea ports.