President Bush approved the purchase
of a British defense firm with U.S. facilities by a Dubai company.
President George W. Bush approved Dubai's $1.24 billion takeover of Doncasters, a British engineering company with U.S. plants that supply the Pentagon, the White House said on Friday.
The decision, announced by White House spokesman Scott McClellan, followed a congressional uproar over security fears that scuttled another Dubai state-owned company's plan to acquire operations at major U.S. ports.
The interagency Committee on Foreign Investments in the United States sent its confidential recommendation on the Dubai takeover of Doncasters to Bush on April 13.
"The president this morning accepted the committee's recommendation," McClellan said. "The committee recommended approval of the transaction after closely scrutinizing it and concluding that it would not compromise our national security."
I expect the reaction will be swift in the blogosphere, and the deal will get methodically picked apart in the near future.