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

Director dealings w/e 5 August: what company insiders are buying and selling
Stocks and shares

Director dealings w/e 5 August: what company insiders are buying and selling

Directors’ share dealings can often give investors an insight into the sentiment of company insiders. Here are some of the biggest deals by company di…
9 Aug 2022
Britain’s most-bought shares w/e 5 August
Stocks and shares

Britain’s most-bought shares w/e 5 August

A look at Britain’s most-bought shares in the week ending 5 August, providing an insight into how investors are thinking and where opportunities may l…
9 Aug 2022
Where to find inflation-resistant stocks
Investment strategy

Where to find inflation-resistant stocks

Terry Smith’s latest update contains some valuable pointers for investors looking to protect against inflation.
8 Aug 2022
A low-risk way to beat inflation
Share tips

A low-risk way to beat inflation

Demand for care-home places is strong and the sector should be able to raise prices ahead of costs, says Max King.
8 Aug 2022

Most Popular

Are UK house prices finally heading for a crash?
House prices

Are UK house prices finally heading for a crash?

The latest house price figures show a fall of 0.1% in July. With interest rates rising, inflation hitting double figures and a recession on the cards,…
5 Aug 2022
Brace yourself for the return of rationing
Economy

Brace yourself for the return of rationing

Russia is turning off the cheap energy. That is already leading to belt-tightening, says Matthew Lynn. Who will suffer most, and which sectors will th…
5 Aug 2022
Fear of missing out – what should investors do now?
Investment strategy

Fear of missing out – what should investors do now?

Markets have rallied from their mid-June lows. But if you missed out, as most investors did, what should you do now? Max King explains.
8 Aug 2022