Shares in Peninsular and Oriental Steam Navigation swelled by more than 38% in London trading when rumors circulated of an offer by state-owned Dubai Ports World .

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Now, however, four-and-a-half years later, a secretive government committee has decided to turn over the management of six of the Nation's most important ports - in New York, New Jersey, Philadelphia, Miami, Baltimore and New Orleans - to Dubai Ports World following the UAE company's purchase of London-based Peninsular and Oriental Steam Navigation Co.

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