Possibly the last Teaport Dome Scandal Update.

Drudge: DUBAI FIRM TO GIVE UP STAKE IN U.S. PORTS -- AFTER CONGRESS SAYS DEAL DEAD...

United Arab Emirates-owned DP World said Thursday it would transfer its operations of American ports to a U.S. "entity" after congressional leaders reportedly told President Bush that the firm's takeover deal was essentially dead on Capitol Hill.

"Because of the strong relationship between the United Arab Emirates and the United States and to preserve that relationship ... DP World will transfer fully the U.S. operations of P&O Operations North America to a United States entity," Edward H. Bilkey, DP World's chief operating officer, said in a statement.

The announcement did not specify which U.S. company would be involved. (Read DP World's statement -- PDF)

The UAE firm's purchase of P&O, the British company that manages cargo and passenger terminals at several ports on the Atlantic and Gulf coasts, has stirred up bipartisan opposition.

Unusually rancorous debate on the issue has split Bush from his GOP allies in Congress at a time when the president's approval ratings have plunged and midterm elections approach. (Read a timeline of the ports deal)

A source involved in talks between the White House, Congress and DP World told CNN the exact meaning of the UAE firm's statement is unclear, in part because the details of the transaction have not been worked out.
"The next steps are very hard to predict at this point, either in terms of who they'll actually sell to and in terms of what it means for U.S. relations in the region," the source said.

A source told CNN that the White House believes DP World's American assets would be sold to a U.S. firm.