LONDON – A Miami company objecting to the takeover of British shipping company P&O by Dubai's state-owned DP World said Friday it has been granted the right to take the case to the Court of Appeal, a move that puts the deal on hold.
Miami-based cargo handler Eller & Co., which on Thursday lost its bid to have the takeover barred by the High Court, said Britain's Court of Appeal would hear its petition for an appeal on Monday. If the right to appeal is granted, the higher court will immediately hear the case.
"We don't take the decision to appeal lightly," Eller said in a statement issued in London. "However, we are deeply concerned for the future of our business and the livelihood of thousands of our staff and contractors and we will do everything in our power to secure their future."
Eller claims that U.S. concerns about a United Arab Emirates company owning significant operations at six major U.S. seaports could substantially harm its business.
The $6.8 billion acquisition of the Peninsular and Oriental Steam Navigation Co. needed approval by the High Court — approval that was granted Thursday by Justice Nicholas Warren.
However, Warren placed a hold on his ruling to allow Eller to take the case to the appeals court and it will not become effective unless the Court of Appeal refuses to hear the case.