11th Sep 2009 07:03
Sterlite Industries (India) Limited
Revised Offer to Purchase Operating Assets of ASARCO LLC
Vedanta Resources plc ("Vedanta") announced that its subsidiary, Sterlite Industries (India) Limited ("Sterlite") is increasing its offer, for the purchase of substantially all of the operating assets of ASARCO LLC. Asarco had total revenues of nearly US$1.9 billion and profit before tax of US$ 393 million, for the year ended 31 December 2008. The full text of the press release issued by Sterlite is set out below.
Sterlite Industries (India) Limited
Revised Offer to Purchase Operating Assets of ASARCO LLC
Sterlite Industries India Limited, a subsidiary of Vedanta Resources plc, announces that it has revised its offer for the purchase of substantially all of the operating assets of ASARCO LLC.
After extensive discussions and review, in order to provide full cash payment to asbestos creditors and to allowed late filed claims and allowed subordinated claims (who were earlier provided share of the creditors' interest in SCC litigation trust) and to provide for surplus cash after closing for the smooth continued operations of Asarco, Sterlite increased its offer from $2.135 billion to $2.565 billion cash on closing. With this change, 100% of the creditors' interest in SCC litigation trust will be owned by Sterlite.
The modification to the plan has been accordingly submitted to the District Court for its consideration.
END OF RELEASE
For further information, please contact:
|
Sumanth Cidambi Director - Investor Relations Vedanta Resources plc |
Tel: +44 20 7659 4732 / +91 22 6646 1531 |
|
Faeth Birch Robin Walker Finsbury |
Tel: +44 20 7251 3801 |
About Vedanta Resources plc
Vedanta Resources plc ("Vedanta") is a London listed FTSE 100 diversified metals and mining major. The group produces aluminium, copper, zinc, lead, iron ore and commercial energy. Vedanta has operations in India, Zambia and Australia and a strong organic growth pipeline of projects. With an empowered talent pool of 29,000 employees globally, Vedanta places strong emphasis on partnering with all its stakeholders based on the core values of entrepreneurship, excellence, trust, inclusiveness and growth. For more information visit www.vedantaresources.com
Disclaimer
This press release contains "forward-looking statements" - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should" or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.
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