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WASHINGTON (AP) - Six major U.S. port operations will come under U.S. ownership after Dubai Ports World cleared a $50 million hurdle Friday to end a yearlong political conflict over security at the nation's cargo terminals.
DP World, based in United Arab Emirates, agreed in December to sell its U.S. ports operations to AIG Global Investment Group, following months of criticism that the UAE firm could not be trusted running the security-sensitive shipping apparatus.
That deal suddenly foundered this week when the Port Authority of New York and New Jersey, which must consent to the sale, asked the two companies for tens of millions of dollars in cash and future infrastructure work at the Port Newark Container Terminal.
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