Vedanta:.."while preparing it from a spin-off in London"...

[Clint]

Vedanta to buy miner at centre of probe
August 8, 2011 7:54 pm

By William MacNamara in London
Vedanta, the UK-listed Indian miner, has agreed to take over a Liberian iron ore company that is under investigation by the west African country’s anti-corruption authorities.

Sesa Goa, Vedanta’s Mumbai-listed iron ore subsidiary, agreed to pay $90m for a controlling stake in Western Cluster, a network of iron ore deposits.

The deal is the latest display of a multinational miner planting its flag in the iron-rich but infrastructure-poor countries of Guinea, Liberia and Sierra Leone at a time of booming iron ore prices.

The Liberian Anti-Corruption Commission is probing Elenilto, owners of Western Cluster, over how the company won the Western Cluster concession in February 2010. Elenilto is a subsidiary of Engelinvest, a Tel Aviv-based private company that develops Russian real estate and invests in mining concessions.

Ben Kolako, a representative of the commission, confirmed on Monday: “It is no secret that Elenilto is under investigation.” A report on the commission’s findings, he added, “will be released any time now. It could be this week”. Mr Kolako said it was too early to say how the investigation might affect Sesa Goa’s deal.

Engelinvest, run by Jacob Engel, the Israeli entrepreneur, was not available for comment.

Sesa Goa proposes to buy a 51 per cent stake in Western Cluster, with Elenilto as junior partner.

“The Western Cluster project presents an excellent opportunity for developing a large integrated mining operation and establishing our presence in Liberia and Africa,” said PK Mukherjee, Sesa Goa’s managing director.

Vedanta, Sesa Goa’s London-listed parent, has been growing its operations in Africa in the past two years. This year, it completed its $1.3bn acquisition of Anglo American’s zinc assets in Namibia and South Africa. The company has expanded Konkola Copper Mines, its Zambian copper operation, while preparing it from a spin-off in London.
Vedanta joins a roster of blue-chip iron ore miners interested in politically risky west Africa. Rio Tinto and Vale, the world’s two biggest iron ore miners by production, each control half of Guinea’s Simandou concession. ArcelorMittal and BHP Billiton control concessions on the Liberia-Guinea border.

In April 2010 Vale, in a deal structured similarly to Vedanta’s deal, bought a 51 per cent stake in its Simandou concession from Beny Steinmetz Group, another privately owned real estate and mining company. Vale agreed to pay $2.5bn for the stake.

Vedanta could not be reached for comment.

Sesa Goa said the Western Cluster could contain “potential iron ore resources in excess of one billion tonnes”.

http://www.ft.com/intl/cms/s/0/027bd136 ... z1UXS5QdBw

[mgauthi4]

Spin-off : filiale dédiée à une activité nouvelle pour permettre son décollage plus rapide, hors des contraintes d'organisation de la maison mère..

what's up doc ...!!

[mgauthi4]

element de réponse ..

deja envisagé pour l'Alu

Vedanta Resources plans to spin off $20bn aluminium division
Vedanta Resources, the mining group, could become the latest FTSE company to push for a demerger after property giant Liberty International unveiled plans last week to demerge into two businesses.

Anil Agarwal, chief executive of Vedanta Resources Photo: Justin SutcliffeBy Jonathan Sibun
10:58PM GMT 14 Mar 2010
Comment
The India-based mining group has drawn up plans to spin-off its $20bn (£13bn) aluminium division. The new business, which could be spun off as early as this summer, would be the world's fourth largest alumunium producer.

The move is expected to be the first of a series of up to six divisions spun out of Vedanta over the next few years.

Vedanta and its advisers – Morgan Stanley, Credit Suisse and JP Morgan Cazenove – believe a series of demergers would create shareholder value by simplifying the group's structure.

Vedanta is majority owned by the Agarwal family, which is likely to retain the controlling stakes in the demerged businesses.

The group is expected to apply to the Indian courts to demerge the aluminium business, a process that could take some months. Talks are continuing over the potential demerger and the timing of any move remains uncertain.

[OlaV Ouafouaf]

pour Infos:
L'exploitation du minerait et la fusion de l'aluminium a principalement été consolidé dans Sterlite, filiale de Ved et cotée en bourse en Inde.
Si cela a du sens dans le métier, les origines diverses et souvent proches géographiquement d'autres activités minières et sidérurgiques commencent à compliquer la situation pour certaines synergies.
Le cas par exemple de l'utilisation d'équipements portuaires appartenant à un soc et ne pouvant "simplement" être utilisé pour le minerai d'une autre filiale.

A moins que ce soit pour la préparation de sa succession envers ses enfants dont une partie est déjà aux directions opérationnelles?