| |
| |
 |
| |
|
| |
|
| |
|
SINGAPORE: Conglomerate Sembcorp Industries said its majority stake in US-listed Dutch water firm Cascal has risen to 97.66 per cent.
It made the announcement with the close of the additional subsequent offer period of the tender offer for all the issued and outstanding common shares of Cascal.
The additional subsequent offer, at a price of US$6.75 in cash per Cascal share, expired as scheduled at 5pm New York City time on Monday.
Sembcorp now owns over 30 million shares in Cascal, amounting to about US$203 million.
The firm added that it plans to effect squeeze-out proceedings under the Dutch Civil Code in order to own 100 per cent of Cascal's shares.
Sembcorp said the close of the Additional Offer is not expected to have a material impact on its earnings for the current financial year.
Transaction costs will be incurred within the first year of acquisition.
Sembcorp added that the transaction is expected to be accretive to earnings starting from the second year after the acquisition. - CNA/vm
|
