Vedanta open offer for Sesa Goa stakeAdd to Clippings

MUMBAI: Anil Agarwal-led Vedanta Resources Plc on Friday made an open offer to the shareholders of India's biggest private iron ore exporter Sesa Goa for acquiring 20 per cent stake in the company for up to Rs 1,603.05 crore.

The open offer was made after the recent announcement by Vedanta for acquiring Japanese firm Mitsui & Co's 51 per cent stake in Sesa Goa for $981 million (around Rs 4,070 crore) in cash.

The company has made an open offer to acquire up to 78,72,404 equity shares representing 20 per cent stake in the equity share of the Sesa Goa at a price of Rs 2,036.30 per share payable in cash, Sesa Goa said in a filing to the Bombay Stock Exchange.

Vedanta Resources clinched the deal from bidders like Arcelor-Mittal and the Aditya Birla Group, who were also in the fray to acquire 51 per cent stake in India's biggest private iron ore exporter Sesa Goa Ltd.

Read more at Economic Times

Arcelor-Mittal, Birlas in final leg of Sesa takeover

MUMBAI: The race for Mitsui Corp’s 51% stake in iron ore major Sesa Goa has reached the home run with Aditya Birla group and LN Mittal’s Arcelor-Mittal as the top contenders. According to people in know, the two companies lead the group of possible final bidders that also includes Vedanta Resources and Brazilian mining major CVRD. Sesa Goa is India’s largest private exporter of iron ore.

The bids by the two leading contenders are believed to be near Rs 2,000 per share. This is much below the range of Rs 2,500 per share that prevailed in second round of the bidding. “The Budget proposal to levy a duty of Rs 300 per tonne on iron ore exports has had an impact,” said sources. “In fact, Rio Tinto, which was earlier a front runner for the stake, backed out after the announcement,” they added.

Read more at Economic Times