Thursday, August 17, 2006
Vedanta Resources rises on takeover speculation
Vedanta Resources, a UK listed Indian mining company, saw its share price rise around three percent this morning on the back of takeover speculation.
A spokesperson for the company said that the group had no comment.
Vedanta Chairman Anil Agarwal, who owns around 54% of the company, told this news service last week that the company is open to acquiring other mining firms in Eastern Europe and Africa.
A person familiar with the company suggested that a run-up in zinc prices, one of the key commodities that Vedanta mined, could also be playing a part in the company's rise today, adding that Agarwal appeared to be committed to his holding in the group.
In his comments last week, Agarwal said that, “We hope to complete one acquisition either in Eastern Europe or Africa by this year end,” adding that his goal is to create a world class metal and mining company, and capitalize on the entrepreneurship skill available in Vedanta.
Vedanta posted revenues of USD 1.88bn (EUR 1.47bn) in 2005
A spokesperson for the company said that the group had no comment.
Vedanta Chairman Anil Agarwal, who owns around 54% of the company, told this news service last week that the company is open to acquiring other mining firms in Eastern Europe and Africa.
A person familiar with the company suggested that a run-up in zinc prices, one of the key commodities that Vedanta mined, could also be playing a part in the company's rise today, adding that Agarwal appeared to be committed to his holding in the group.
In his comments last week, Agarwal said that, “We hope to complete one acquisition either in Eastern Europe or Africa by this year end,” adding that his goal is to create a world class metal and mining company, and capitalize on the entrepreneurship skill available in Vedanta.
Vedanta posted revenues of USD 1.88bn (EUR 1.47bn) in 2005
