23 AUGUST 2012The Wall Street Journal
Vedanta Raises Bid for Hindustan Zinc, Balco
Edited by : AL CIRCLE
1 min read
U.K.-based diversified miner Vedanta Resources PLC has raised its offers to buy the Indian government’s entire stakes in two of its subsidiaries, Hindustan Zinc Ltd. and unlisted Bharat Aluminium Co. Ltd., or Balco.
Vedanta, in a note to shareholders, said it has increased its offer for the Balco stake to $550 million, and its offer for the Hindustan Zinc stake by 15%. It didn’t give an absolute figure for its revised offer for Hindustan Zinc.
In January, Vedanta had offered $2.94 billion for the government’s 29.5% stake in Hindustan Zinc and $338 million for a 49% stake in Balco.
The federal government hadn’t responded to the January offer, and it hasn’t said anything about the current offer.
Vedanta, in a note to shareholders, said it has increased its offer for the Balco stake to $550 million, and its offer for the Hindustan Zinc stake by 15%. It didn’t give an absolute figure for its revised offer for Hindustan Zinc.
In January, Vedanta had offered $2.94 billion for the government’s 29.5% stake in Hindustan Zinc and $338 million for a 49% stake in Balco.
The federal government hadn’t responded to the January offer, and it hasn’t said anything about the current offer.
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