Vedanta Resources closer to consolidation

Vedanta Resources is edging closer to completing its group consolidation following approvals from respective companies, shareholders and regulators.

Vedanta Resources is edging closer to completing its group consolidation following approvals from respective companies, shareholders and regulators.

The FTSE 100 diversified global natural resources major made the announcement for consolidation last February and continues to believe the move will create more value for stakeholders.

In a statement released Wednesday, the company said stakeholders would benefit from simplification of the group structure by facilitating more efficient and flexible allocation of capital and significant synergies.

Vedanta is now awaiting approval from the High Court of Madras following the completion of hearings.

The company is also in the process of hearings at the High Court of Bombay at Goa with the next scheduled for January 2013.

Once Vedanta receipts receipt of approval from both courts, it will complete the arrangements.

Vedanta produces aluminium, copper, zinc, lead, silver, iron ore, oil and gas and commercial energy. It has a market capitalisation of £2.95bn with operations in India, Zambia, Namibia, South Africa, Ireland, Liberia, Australia and Sri Lanka.

Its share price rose 0.09% to 1,107p at 14:10 Wednesday.

RD

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

A simple way to profit from the next big trend change in the markets
Investment strategy

A simple way to profit from the next big trend change in the markets

Change is coming to the markets as the tech-stock bull market of the 2010s is replaced by a new cycle of rising commodity prices. John Stepek explains…
14 Jan 2021
Forget austerity – governments and central banks have no intention of cutting back
Global Economy

Forget austerity – governments and central banks have no intention of cutting back

Once the pandemic is over will we return to an era of austerity to pay for all the stimulus? Not likely, says John Stepek. The money will continue to …
15 Jan 2021
Here’s why markets have shrugged off the US political turmoil
Investment strategy

Here’s why markets have shrugged off the US political turmoil

Despite all the current political shenanigans in the US, markets couldn’t seem to care less. John Stepek explains why, and what it means for your mone…
7 Jan 2021