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AIG buys US ports

NEW YORK (Bloomberg) — Dubai-owned DP World completed the sale of six US port terminals on Friday to American International Group Inc., appeasing US lawmakers who said the foreign ownership jeopardised national security.Terms of the sale agreement, announced in December, haven’t been disclosed. A snag with New Jersey port officials last month threatened to derail the deal until AIG committed to fund at least $50 million in capital improvements at a Newark port.

DP World, owned by the Dubai government, acquired the US terminals last year when it bought London-based Peninsular & Oriental Steam Navigation Co. Lawmakers threatened to block the $6.8 billion takeover on the grounds that two of the September 11 hijackers came from the United Arab Emirates and the plotters used the country’s banking system to funnel money to the operation.