Sembcorp Industries says Cascal N.V. in the United States has voluntarily withdrew its complaint against the company.

This follows the decision by the United States District Court for the Southern District of New York on May 19, 2010 to deny Cascal’s motion for a preliminary injunction to stop Sembcorp from launching its voluntary tender offer.
 

At the May 19 hearing, the judge concluded that based on the record before the court there was no likelihood of Cascal succeeding on its legal claims.

Cascal commenced legal action against Sembcorp when it commenced its voluntary tender offer on May 10 to acquire the common shares of Cascal for US$6.75 per share, provided at least 80% of the issued and outstanding shares of Cascal on a fully diluted basis are validly tendered and not withdrawn.

The offer and withdrawal rights will expire at 11:00 a.m. New York City time on June 21, 2010, unless extended.