LONDON (Alliance News) - Mining company Vedanta Resources PLC said Monday it has extended the deadline for its possible acquisition by majority shareholder Volcan Investments Ltd.
The deadline was been extended to Monday next week, at which point Volcan will be required to announce whether it does or does not intend to proceed with the acquisition.
Volcan already holds a 67% stake in Vedanta and on July 2 said that it would pay 825 pence per share for the remaining shares should the acquisition go ahead. This would value the company at GBP2.33 billion with the remaining share payout totalling GBP778 million.
Shares in Vedanta closed down 0.1% at 779.40 pence per share on Monday.