AIG Buys Controversial Ports

AIG Global Investment Group has agreed to purchase six port terminals for DP World of Dubai. No financial terms were disclosed, although the asking price was reported to have been around $700 million. DP World acquired the assets earlier this year, via its $6.8 billion purchase of UK-based Peninsular & Oriental Steam Navigation Company, but was convinced to sell after the idea of a Dubai-based company owning U.S. ports sparked a political furor in the States.