Vedanta Chairman Anil Agarwal offers $1 billion to take miner private
Vedanta Resources Plc Chairman Anil Agarwal`s family trust on Tuesday offered about $1 billion in cash to take the London-listed miner private
Vedanta Resources Plc Chairman Anil Agarwal`s family trust on Tuesday offered about $1 billion in cash to take the London-listed miner private. Volcan, which currently holds about 67 percent of Vedanta, offered $10.89 or 825 pence per share to buy the rest of the stake. The deal valuing Vedanta at $3.07 billion represents a premium of about 6 percent to the stock`s Monday close.
An independent committee that evaluated the proposal unanimously recommended Volcan`s offer to Vedanta shareholders, the mining conglomerate said. Shares of the company have risen 20.5 percent since Volcan made a possible offer at the same price on July 2. Vedanta shareholders will also be entitled to receive a $0.41 dividend per Vedanta share, the company added. The offer price and dividend represent a total value of $11.30 per share.
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The offer comes as the company faces scrutiny after police killed 13 people protesting Vedanta`s copper smelter in India in May.