3rd Sep 2018 10:49
LONDON (Alliance News) - Volcan Investments Ltd said on Monday that it cash offer for FTSE 250 India-focused miner Vedanta Resources has become unconditional in all respects.
Volcan, which already owns just under 67% of Vedanta and is controlled by Executive Chairman Anil Agarwal, offered USD10.89 per Vedanta share, equivalent to approximately 825 pence.
The offer valued Vedanta in total at USD3.07 billion, and the stake Volcan is now buying is worth around USD1.03 billion.
With all conditions met, Vedanta will now apply to have its share delisted from the London Stock Exchange with effect on October 1.
Shares in Vedanta Resources were up 1.1% at 844.00 pence on Monday.