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Billionaire Agarwal Continues Deal Spree With Vedanta Buyout

  • Board will recommend all-cash offer of 825p from Volcan
  • Company to delist from London as part of simplification push
Updated on

Billionaire Anil Agarwal added to a string of commodities deals with plans to buy out minority investors in Vedanta Resources Plc, the resources group that he’s seeking to transform into one of the world’s largest.

Agarwal’s Volcan Investments Ltd. will offer 825 pence a share for the 33.5 percent of Vedanta it doesn’t already own and plans to cancel its London listing. Vedanta surged on the news, which caps a tumultuous few months for the company that saw its shares drop last week to the lowest in a year.