Vedanta Resources chair Anil Agarwal will take the London-listed miner private on October 1, his family trust said on Monday, a step seen by some in the industry as a prelude to a potentially broader deal with bigger miner Anglo American. The Volcan Investments trust, which held about two thirds of Vedanta’s London-listed arm before it announced a roughly $1bn buyout offer in July, said holders of 26% of shares had agreed to sell. Volcan now holds or has received acceptances for 92.31% of Vedanta’s shares, it said, adding the offer would remain open for acceptances from shareholders until further notice. Agarwal has said he wanted to buy out the London listing, which is dwarfed by Vedanta’s Indian operation, to simplify the company’s structure. Analysts and fund managers have said the move could also reduce the scrutiny the company has received as a result of leaks and fatalities. Industry players have speculated too that Agarwal, who holds almost 20% of Anglo American, wants some f...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now