Vedanta rises as billionaire founder Agarwal offers buyout

Anil Agarwal Photographer: Waldo Swiegers/Bloomberg Photo by Bloomberg

Vedanta Resources Plc surged by a record after billionaire shareholder Anil Agarwal said he’ll offer to buy out minority investors as part of efforts to streamline the Indian commodities group’s structure.

Agarwal, whose Volcan Investments Ltd. already owns 66.5 percent of Vedanta, intends to cancel the company’s London listing as it no longer needs to rely on the access to U.K. capital, it said in a statement Monday. The billionaire, who is also mining giant Anglo American Plc’s biggest shareholder, has made a series of moves to consolidate Vedanta’s holdings, including a merger with Cairn India Ltd. last year.

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