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Vedanta plans a break-up; six spin-offs could be listed

By Independent on Sunday | London, Feb 8 2010

Vedanta Resources, the UK-headquartered FTSE 100-listed mining conglomerate, is being considered for break-up, the Independent on Sunday reported. The report quoted a banker who said the India-focused company is attempting to find a means by which it can unlock value. An industry source quoted in the article said ‘the company will make a formal decision about the matter imminently.’

A Vedanta spokesperson did not wish to comment, the report said. However, it added that six other sources in the sector confirmed the company’s plans.

Vedanta is majority owned by the Agarwal family and is weighing up spinning off and individually listing five or six operations in which Vedanta would keep a controlling interest, the item reported. It said several major London-based mining bankers have been approached to look at Vedanta’s listings plan. The company hopes to achieve a USD 10bn value from a copper IPO, the report said, pointing out that Vedanta as a whole has a market capitalisation of just USD 10.6bn.

Another banker quoted in the piece predicted that a number of the listings could take place in 2010. Prospective advisers cited in the report believe the majority of the spin-off listings are likely to take place in Hong Kong and India, although others have informed Vedanta of their belief that London is the best place for some of the listings, the report said.

Value GBP 6,569m (Vedanta market cap (IoS)) Stake Value N/A


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