Latest Agarwal move revives Anglo deal talk
Indian billionaire makes $1bn bid for the rest of Vedanta
The more baby steps mining tycoon and Indian billionaire Anil Agarwal takes, the more the market agrees that a deal with Anglo American is increasingly likely. The latest move this week by Agarwal is a bid of $1-billion to buy the remaining stake he does not own of the London-listed Vedanta Resources. This would value the business at £2.33-billion (R52-billion). The move has the market again talking of a possible merger with Anglo American. Volcan Investments, which Agarwal's family trust owns, has controlling stakes in Vedanta Limited and Vedanta Resources. Vedanta Resources is a London Stock Exchange-listed company that has a 50.1% stake in Vedanta Limited and a 79.4% stake in KCM, a copper operation in Zambia. Vedanta Limited is listed on the New York and Indian stock exchanges and its assets include zinc, oil-and-gas, copper and iron ore. When Agarwal buys the balance of Vedanta Resources, the company will delist from the LSE, leaving Volcan Investments with a 50% stake in Vedan...
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