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Vedanta Resources (VED)

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Tuesday 11 August, 2009

Vedanta Resources

Revised Offer re ASARCO LLC

RNS Number : 2224X
Vedanta Resources PLC
11 August 2009
 



11 August 2009


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') has revised its offer to acquire substantially all the operating assets of Asarco LLC. The revised consideration includes (a) Cash of US$ 1,587 million and (b) a US$208 million Copper Price Participation Note. The other terms of the proposed acquisition remain the same as previously announced.  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


MumbaiIndia and TucsonAZSterlite Industries (India) Limited, a subsidiary of Vedanta Resources plc, the London-based FTSE 100 metal and mining group, has changed its bid to purchase operating assets of Asarco LLC. The revised consideration includes (a) Cash of US$ 1,587 million and (b) a US$208 million Copper Price Participation Note (reduced from earlier $ 770 million). 

 

The consideration was changed to reflect an increase in copper prices and to meet the expectations of creditors. Higher cash consideration also reflects our offer of cash in lieu of the reduction in value of the Copper Price Participation Note from $ 770 million to $ 208 million.

 

Sterlite will also be the beneficiary of 50% of the proceeds from General Unsecured Creditors' interest in a judgement against Americas Mining Corporation awarded by US District Court of Texas, Brownsville Division, once the General Unsecured Creditors are paid in full including post petition interest. 

 

Terms of the agreement with asbestos representatives remain unchanged.

 

END OF RELEASE


For further information, please contact:

Sumanth Cidambi

Associate Director - Investor Relations

Vedanta Resources plc


sumanth.cidambi@vedanta.co.in

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 IndiaZambia 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.



This information is provided by RNS
The company news service from the London Stock Exchange
 
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