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Sembcorp says Cascal case will be heard on May 19
May 13, 2010 / 4:51 AM / in 7 years

Sembcorp says Cascal case will be heard on May 19

SINGAPORE, May 13 (Reuters) - Sembcorp Industries (SCIL.SI) said on Thursday a lawsuit to prevent its takeover bid for U.S.-listed water firm Cascal HOO.N will be heard on May 19.

Casal has withdrawn its request for a temporary restraining order on Sembcorp while the Singapore company has agreed not to launch its takeover bid before May 21.

“The company continues to be of the position that it is not in breach of any laws, regulations or contractual obligations in respect of the transaction and it remains committed to completing the transaction,” said Sembcorp, a conglomerate whose businesses include offshore oil rigs and infrastructure.

Sembcorp has agreed to buy a 58.4 percent stake in Cascal from the firm’s majority shareholder and plans to follow up with a takeover bid for the entire firm.

Reporting by Kevin Lim; Editing by Nopporn Wong-Anan

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