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Personally, I reckon it's an overreaction. Companies these days are owned by other companies around the world. It's part of what globalisation is all about. If you look at any of the companies in the NYSE and check to see who the institutional investors are, you'll find a number of foreign funds/companies in there.
I can understand however, the fear that it would cause in the US, if an Arab (or non-European) country had ownership of anything remotely related to national security. The politicians in Congress, though I think part of the reason they created an uproar is because they felt miffed at not being consulted, are merely reflecting the views of the majority of their constituents. That's the way things are in a democracy - majority rules.
Personally, I felt that had Geedubya been more transparent with this deal and gotten key members of Congress involved at the start, there would have been much less of a fuss. But that's beside the point. Geedubya hasn't shown himself to be the smartest political operator around - he can't even count on support from his own party!
Just my 2c. )
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