Sembcorp stake in Cascal surges to 97.66%

At US$6.75 each share, the shipping company's stake has reached more than US$202 million by the end of 9 August 2010.

Sembcorp Industries Ltd on Tuesday said its majority stake in Cascal NV has increased to 97.66% with after closing the additional subsequent offer period of the tender offer by Sembcorp Utilities Pte Ltd, according to an announcement from Sembcorp.

The subsequent offer period expired on 5:00 p.m., New York City time, on 9 August 2010.

Sembcorp Utilities now owns 30,061,343 Shares in Cascal. At US$6.75 per share, the total consideration amounts to US$202,914,065.25.

The shipping company already owns over 95% but intends to own 100% of the Cascal Shares to effectively squeeze-out proceedings under the Dutch Civil Code in order, the release said.