Sembcorp Inds disclosed that its majority stake in US-listed Dutch water company Cascal has risen to 96.43% stake in Cascal following its tender offer at US$6.75 per share. This is exceeds the 95% it requires for "squeeze-out proceedings" under Dutch law. Minority shareholders who do not sell out by 9 Aug extended deadline will have to sell them at a price determined by the Dutch court. Cascal is expected to be accretive to Sembcorp’s earnings from the 2nd yr after the acquisition.
Meantime, the Sembcorp Utilities is keen to buy BP's 1/3 stake in Phu My 3, a US$412m 728MW power plant in Vietnam. It currently holds a 1/3 stake in Vietnam's 1st power plant developed under the BOT model.
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