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Vedanta Resources to delist after Volcan offer declared unconditional

An all-cash offer made by Volcan Investments Ltd., the family trust of Vedanta Resources PLC Chairman Anil Agarwal, to buy all of the shares in Vedanta Resources it does not own was declared unconditional.

Shareholders owning about 25.8% of the London-listed miner have accepted the offer at US$10.89 per share, which values Vedanta Resources at US$3.07 billion. This translates to total acceptances of approximately 77.04%. Vedanta Resources will delist Oct. 1.

The deal values the shares not already owned by Volcan at about US$1.03 billion. The Agarwal family trust holds a more than 66% stake in Vedanta Resources.

A large minority shareholder previously said it would oppose the transaction, believing that the offer was too low.