RNS Number : 5901T
Vedanta Resources PLC
08 December 2011
8 December 2011
PROPOSED ACQUISITION OF CONTROLLING STAKE IN CAIRN INDIA LIMITED ("CAIRN INDIA")
Vedanta Resources plc ("Vedanta") today announces the completion of the acquisition of 30% of the fully diluted share capital of Cairn India from Cairn Energy PLC by the Vedanta group. The Vedanta group now holds 58.5% of the fully diluted share capital of Cairn India and has paid a total gross consideration of US$8.67 billion. Of the 58.5% stake, 20% is held by Sesa Goa Limited, a subsidiary of Vedanta.
Commenting on the transaction, Anil Agarwal, Chairman of Vedanta said: " The acquisition is a landmark event for the global natural resources sector and for India, which is looking at sustainable energy sources to fuel its growing economy. We would like to express our deep sense of gratitude to the Government of India for their support and cooperation. Vedanta and Cairn India have a shared vision of sustainable development with focus on delivery, excellence and costs and we are delighted with this partnership. Cairn India possesses an enviable talent pool and we welcome them to the Vedanta family. We firmly believe that Cairn India has the potential to double its current capacity and we will work together to achieve it."
The readmission of Vedanta's ordinary shares to listing on the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market for listed securities and commencement of dealings in such shares took place at 08.00 this morning.
Vedanta management will host a conference call today, 8 December, at 12pm UK time (7am New York/ 5:30pm India) to discuss the completion of the acquisition. A presentation will be available for download on Vedanta's website at www.vedantaresources.com, approximately 1 hour prior to the call.
Conference call dial-in details:
UK toll free: 0 808 101 1573
USA toll free: 1 866 746 2133
India: +91 22 6629 0014 and +91 22 3065 0014
India toll free: 1 800 200 1221
Singapore toll free: 800 101 2045
Hong Kong toll free: 800 964 448
Please allow time to register your name and company
For 7 day replay:
UK toll free: 0 800 901 2906
India: +91 22 3065 1212
Access code: 10147#
For further information, please contact:
Senior Vice President - Investor Relations
Vedanta Resources plc
Tel: +44 20 7659 4732 / +91 22 6646 1531
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, silver, iron ore and commercial energy. Vedanta has operations in India, Zambia, Namibia, South Africa, Ireland and Australia and a strong organic growth pipeline of projects. With an empowered talent pool of 31,000 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, please visit:
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