News

Utilities

Staff Reporter

, Singapore

Published:

14 years ago

Sembcorp: We did not breach any law in Cascal bid

Sembcorp's statement was in response to Cascal's filing of legal proceedings in the New York District Court as the US-listed Dutch water company seeks recovery of damages.

A PRNewswire release said, "The Board of Directors of Cascal rejects Sembcorp's proposal as unacceptable and coercive, and recommends that Cascal common shareholders take no action to respond to a below market tender that Sembcorp Industries Ltd, a wholly owned subsidiary of Sembcorp Utilities Pte Ltd, said it intends to make."

Sembcorp had previously announced its acquisition of 17,868,543 Cascal shares through a tender offer and stockholder support agreement with Biwater Investments Limited.

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