Bush to take decision on Doncasters deal

Washington: A US panel that reviews foreign investments behind closed doors has sent President George W. Bush a recommendation on a Dubai-owned company's proposed $1.24 billion (Dh4.5 billion) takeover of military supplier Doncasters.

The recommendation, from the Committee on Foreign Investments in the United States (CFIUS) went to Bush for review and a decision, said Frederick Jones, a spokesman for the White House national security council. Bush's decision, due in 15 days, follows a congressional uproar over security fears that scuttled Dubai-owned DP World's plan to acquire operations at six US ports.

Shaikha Lubna Al Qasimi, UAE Minister of Economy, confirmed that the US commission has ended a 45-day scrutiny into Dubai International Capital's bid to acquirie the British group with US plants.

Shaikha Lubna said she held talks with Congressman John Barrow, a Georgia Democrat opposing the deal.

Jones disclosed no details of the recommendation from CFIUS, which weighs security implications of foreign acquisitions of US companies. Bush "will thoroughly review the findings and recommendations, he will make a determination within the 15-day period and send a report to Cong-ress as required by statute," Jones said.