Sembcorp Industries: To Its File Defense In US Court On Cascal Bid

Date : 05/11/2010 @ 9:05PM
Source : Dow Jones News
Stock : Cascal N.V. Common Shares (HOO)
Quote : 6.74  0.0 (0.00%) @ 2:05AM

Sembcorp Industries: To Its File Defense In US Court On Cascal Bid

Cascal N.V. Common Shares (NYSE:HOO)
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Sembcorp Industries Ltd. (U96.SG) said Wednesday that it will file its defense against Cascal N.V. (HOO), which has sought a "temporary restraining" order from a U.S. court to stop the Singapore company from making a voluntary offer for the New York-listed wastewater company.

"The U.S. court has scheduled a hearing on Cascal's request for a temporary restraining order for May 12, and Sembcorp will file its defense to the request for a temporary restraining order in advance of the court hearing," Sembcorp said in a filing to the Singapore Exchange.

In April, Sembcorp announced an offer to buy all the shares of Cascal for US$206 million. The offer came after Cascal's majority shareholder Biwater Investments Ltd. agreed to sell its 58.4% stake in the wastewater company to Sembcorp Utilities, a unit of Sembcorp Industries.

On its part, Cascal board rejected Sembcorp's offer saying it was "unacceptable and coercive". Cascal filed a lawsuit, claiming the Singapore-based company violated U.S. Securities laws and breached confidentiality agreements. The lawsuit sought injunctive relief and recovery of damages.

"The company continues to be of the position that we are not in breach of any laws, regulations or contractual obligations in respect of the transaction," Sembcorp said Wednesday.

-By P.R. Venkat, Dow Jones Newswires; +65 64154 152; venkat.pr@dowjones.com

 
 

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