Printmgr File

Total Page:16

File Type:pdf, Size:1020Kb

Printmgr File OFFERING CIRCULAR IMPORTANT NOTICE THIS OFFERING IS AVAILABLE ONLY TO INVESTORS WHO ARE EITHER (1) “QUALIFIED INSTITUTIONAL BUYERS” (“QIBS”) (AS DEFINED IN RULE 144A (“RULE 144A”) UNDER THE US SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”)), OR (2) NON-US PERSONS IN OFFSHORE TRANSACTIONS IN RELIANCE ON REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”). IMPORTANT: You must read the following disclaimer before continuing. The following disclaimer applies to the attached offering circular (the “Offering Circular”) following this page, whether received by e-mail or other electronic communication, and you are therefore advised to read this carefully before reading, accessing or making any other use of the Offering Circular. In accessing the Offering Circular, you agree to be bound by the following terms and conditions, including any modifications to them any time you receive any information from the Company or from us as a result of such access. None of Barclays Bank PLC, Citigroup Global Markets Limited, J.P. Morgan Securities plc, Merrill Lynch, Pierce, Fenner & Smith Incorporated, The Royal Bank of Scotland plc and Standard Chartered Bank as joint global coordinators and joint lead managers (the “Joint Global Coordinators and Joint Lead Managers”) and Barclays Bank PLC, Citigroup Global Markets Limited, J.P. Morgan Securities plc, Merrill Lynch, Pierce, Fenner & Smith Incorporated, The Royal Bank of Scotland plc, Standard Chartered Bank, and Deutsche Bank AG, Singapore Branch as joint bookrunners (the “Joint Bookrunners”) or any person who controls any of them or any of their respective affiliates, directors, officers, employees, agents, representatives or advisers accepts any liability whatsoever for any loss howsoever arising from any use of this e-mail or the attached Offering Circular or their respective contents or otherwise arising in connection therewith. NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER OF SECURITIES FOR SALE IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. THE SECURITIES HAVE NOT BEEN, AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT, OR WITH ANY OTHER SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ANY APPLICABLE STATE OR LOCAL SECURITIES LAWS. THE SECURITIES MAY ONLY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO UNITED STATES PERSONS (AS DEFINED IN REGULATION S) THAT ARE QIBS IN RELIANCE ON THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT PROVIDED BY RULE 144A. ANY INVESTMENT DECISION SHOULD BE MADE ON THE BASIS OF THE FINAL TERMS AND CONDITIONS OF THE SECURITIES AND THE INFORMATION CONTAINED IN THE ATTACHED OFFERING CIRCULAR. IF YOU DO NOT AGREE TO THE TERMS CONTAINED IN THIS NOTICE, YOU SHOULD NOT OPEN THE ATTACHED OFFERING CIRCULAR AND SHOULD DELETE THIS E-MAIL. THIS E-MAIL AND ITS ATTACHMENTS ARE PERSONAL TO YOU, ARE CONFIDENTIAL AND MAY ONLY BE READ BY THE ADDRESSEE AND MAY NOT BE REPRODUCED OR REDISTRIBUTED ELECTRONICALLY OR OTHERWISE TO ANY OTHER PERSON. Confirmation of Your Representation: The attached Offering Circular is being sent at your request and by accepting the e-mail and accessing the attached Offering Circular, you shall be deemed to have represented to the Company, the Joint Global Coordinators and Joint Lead Managers and the Joint Bookrunners that (1) you and any customer you represent are either (a) a QIB or (b) not a US person and that the e-mail address that you have given and to which this e-mail has been delivered is not located in the United States of America, its territories, its possessions and other areas subject to its jurisdiction; and its possessions include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands and, to the extent you purchase the securities described in the attached Offering Circular, you will be doing so in offshore transactions in reliance on Regulation S; and (2) you consent to delivery of the attached Offering Circular and any amendments or supplements thereto by electronic transmission. You are reminded that the attached Offering Circular has been delivered to you on the basis that you are a person into whose possession the attached Offering Circular may be lawfully delivered in accordance with the laws of the jurisdiction in which you are located. If this is not the case, you must delete this e-mail in which the Offering Circular is attached and destroy any printed copies of the Offering Circular. You may not, nor are you authorised to, deliver or forward the Offering Circular, electronically or otherwise, or disclose the contents of the Offering Circular, to any other person. The materials relating to the offering do not constitute, and may not be used in connection with, an offer or solicitation in any place where offers or solicitations are not permitted by law and access has been limited so that it shall not constitute a general advertisement or solicitation in the United States or elsewhere. No action has been or will be taken in any jurisdiction by the Company, the Joint Global Coordinators and Joint Lead Managers or the Joint Bookrunners that would, or is intended to, permit a public offering of the securities, or possession or distribution of the Offering Circular (in preliminary, proof or final form) or any other offering or publicity material relating to the securities, in any country or jurisdiction where action for that purpose is required. If a jurisdiction requires that the offering be made by a licensed broker or dealer and any of the Joint Global Coordinators and Joint Lead Managers and the Joint Bookrunners or any affiliate of any of the Joint Global Coordinators and Joint Lead Managers or the Joint Bookrunners is a licensed broker or dealer in that jurisdiction, the offering shall be deemed to be made by such Joint Global Coordinators and Joint Lead Managers or the Joint Bookrunners or such affiliate on behalf of the Company in such jurisdiction. This communication is directed only at persons who (a) are outside the United Kingdom or (b) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Financial Promotion Order”) or (c) are persons falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations, etc.”) of the Financial Promotion Order (all such persons together being referred to as “relevant persons”). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which the Offering Circular relates is available only to relevant persons and will be engaged in only with relevant persons. The attached Offering Circular has been sent to you in an electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of electronic transmission and consequently none of the Company, the Joint Global Coordinators and Joint Lead Managers or the Joint Bookrunners or any person who controls them or any director, officer, employee or agent of them or affiliate of any such person accepts any liability or responsibility whatsoever in respect of any difference between the Offering Circular distributed to you in electronic format and the hard copy version available to you on request from the Joint Global Coordinators and Joint Lead Managers and the Joint Bookrunners. THE ATTACHED OFFERING CIRCULAR MAY NOT BE DOWNLOADED, FORWARDED OR DISTRIBUTED TO ANY OTHER PERSON AND MAY NOT BE REPRODUCED IN ANY MANNER WHATSOEVER. ANY DOWNLOADING, FORWARDING, DISTRIBUTION OR REPRODUCTION OF THIS ELECTRONIC TRANSMISSION AND THE ATTACHED OFFERING CIRCULAR IN WHOLE OR IN PART IS UNAUTHORISED. FAILURE TO COMPLY WITH THIS DIRECTIVE MAY RESULT IN A VIOLATION OF THE SECURITIES ACT OR THE APPLICABLE LAWS OF OTHER JURISDICTIONS. IF YOU HAVE GAINED ACCESS TO THIS TRANSMISSION CONTRARY TO ANY OF THE FOREGOING RESTRICTIONS, YOU ARE NOT AUTHORISED AND WILL NOT BE ABLE TO PURCHASE ANY OF THE SECURITIES DESCRIBED IN THE ATTACHED OFFERING CIRCULAR. You are responsible for protecting against viruses and other destructive items. Your use of this e-mail is at your own risk and it is your responsibilityto take precautions to ensure that it is free from viruses and other items of a destructive nature. OFFERING CIRCULAR STRICTLY CONFIDENTIAL VEDANTA RESOURCES PLC (incorporated with limited liability in England and Wales) $1,200,000,000 6.00% Bonds due 2019 $500,000,000 7.125% Bonds due 2023 This is an offering of $1,200,000,000 6.00% Bonds due 2019 (the “2019 Bonds”) and $500,000,000 7.125% Bonds due 2023 (the “2023 Bonds”, and, together with the 2019 Bonds, the “Bonds”) by Vedanta Resources plc (“Vedanta” or the “Company”). The 2019 Bonds will bear interest at the rate of 6.00% per annum, and the 2023 Bonds will bear interest at the rate of 7.125% per annum. The 2019 Bonds will bear interest from the Closing Date (as defined herein), payable semi-annually in arrear on 3 June and 3 December of each year, commencing 3 December 2013, except that the 3 December 2018 interest payment date will be replaced with an interest payment date on 31 January 2019. The 2023 Bonds will bear interest from the Closing Date, payable semi-annually in arrear on 3 June and 3 December of each year, commencing 3 December 2013, except that the last interest payment date will be on 31 May 2023. Payments on the Bonds will be made without deduction for or on account of taxes of the United Kingdom to the extent described under “Terms and Conditions of the Bonds — Taxation”.
Recommended publications
  • EUROZINC MINING CORPORATION TAKEOVER PROPOSAL for VEDANTA RESOURCES Plc
    Private and Confidential August 28, 2006 EUROZINC MINING CORPORATION TAKEOVER PROPOSAL FOR VEDANTA RESOURCES plc TABLE OF CONTENTS Sl. No. Particulars Page No. I Market Data and Valuation Summary 1-1a II Key Financial and Operational Parameters at a Glance 2-5 III Basic Financial and Operational Data 6-8 IV Share Structure and Key Valuation Assumptions 9 V Background 10-11 VI Operations, Resources and Exploration 11-22 VII Industry Trend 23-34 VIII Peer Group Comparison Snapshots 35-42 IX Canada Base Metal Hot Deals 43-47 X EuroZinc and Lundin Merger Announcement 48-52 XI EuroZinc’s 2nd Qtr Management’s Discussion & Analysis (Jun 06) 53-63 APPENDICES I EuroZinc’s 2nd Qtr Financial Report (Jun 06) 1-13 II EuroZinc’s Consolidated Financial Statements (2005-04) 1-29 III Lundin’s 2nd Qtr Financial Report (Jun 06) 1-26 IV Lundin’s Financial Statements (2005-04) 1-57 Prepared By: Dr. S. S. Mohanty President & CEO SMART Intl. Holdings, Inc. Private & Confidential August 28, 2006 EUROZINC MINING CORPORATION MARKET DATA SUMMARY TSX (SYMBOL: EZM) AMEX (SYMBOL: EZM) CURRENT MARKET PRICE: (August 25, 52-Week High: 2006) CDN$ 3.49 /US$3.25 TSX: CDN$ 3.31 Low: AMEX: US$ 2.97 CDN$ 0.77/ US$1.05 STOCK RATING: MARKET OUTPERFORMER INDUSTRY OUTPERFORMER EZM VS. S&P TSX COMPOSITE EZM VS. S&P TSX CAPPED MATERIALS VALUATION SUMMARY MARKET MULTIPLE APPROACH (Based on 2007P) UNDERVALUED CAPM Assumptions: Cost of Capital: 8.8% MULTIPLE APPROACH 2 YEAR 2 YEAR 2 YEAR 2 YEAR FORWARD FORWARD FORWARD FORWARD P/E P/CF P/SALES EV/EBITDA (Industry (Industry (Industry
    [Show full text]
  • Redstone Commodity Update Q3
    Welcome to the Redstone Commodity Update 2020: Q3 Welcome to the Redstone Commodity Moves Update Q3 2020, another quarter in a year that has been strongly defined by the pandemic. Overall recruitment levels across the board are still down, although we have seen some pockets of hiring intent. There appears to be a general acknowledgement across all market segments that growth must still be encouraged and planned for, this has taken the form in some quite senior / structural moves. The types of hires witnessed tend to pre-empt more mid-junior levels hires within the same companies in following quarters, which leaves us predicting a stronger than expected finish to Q4 2020 and start to Q1 2021 than we had previously planned for coming out of Q2. The highest volume of moves tracked fell to the energy markets, notably, within power and gas and not within the traditional oil focused roles, overall, we are starting to see greater progress towards carbon neutrality targets. Banks such as ABN, BNP and SocGen have all reduced / pulled out providing commodity trade finance, we can expect competition for the acquiring of finance lines to heat up in the coming months until either new lenders step into the market or more traditional lenders swallow up much of the market. We must also be aware of the potential impact of the US elections on global trade as countries such as Great Britain and China (amongst others) await the outcome of the impending election. Many national trade strategies and corporate investment strategies will hinge on this result in a way that no previous election has.
    [Show full text]
  • Most Environmentally and Socially Controversial Companies of 2010 Zurich, December 15, 2010 / Karen Reiner
    Most Environmentally and Socially Controversial Companies of 2010 Zurich, December 15, 2010 / Karen Reiner According to the reputational risk radar RepRisk, the top ten most environmentally and socially controversial multinational companies in 2010 were: 1. Transocean Ltd 6. Chevron Corp 2. BP PLC 7. BG Group PLC 3. Vedanta Resources PLC 8. Royal Dutch Shell 4. ExxonMobil Corp 9. Sinar Mas Group 5. Foxconn Electronics Inc 10. Magyar Aluminium (MAL) Companies on the list have been severely criticized by the world’s media, governmental organizations and NGOs for issues including human rights abuses, severe environmental violations, impacts on local communities, corruption and bribery, as well as breaches of labor, and health and safety standards. Rankings are based on the Reputational Risk Index (RRI), as measured by RepRisk throughout 2010. The RRI is directly derived from the negative pr ess captured by RepRisk and its calculation is strictly rule-based. RepRisk does not measure a firm's overall reputation. Instead, by capturing criticism, RepRisk computes a firm's exposure to controversy and therefore provides an indicator for reputational risk. RepRisk is used by asset owners and asset managers, commercial and investment bankers, supply chain managers, and corporate responsibility experts. The Reputational Risk Index (RRI) ranges from zero (lowest) to 100 (highest) and its calculation is based on the reach of news sources, the frequency and timing of news, as well as its content, i.e. severity and novelty of the issues addressed. The RRI is an indicator of a company's exposure to controversial issues and allows an initial assessment of risks that are attached to investments and business relationships.
    [Show full text]
  • Printmgr File
    THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt as to the action you should take, you are recommended immediately to seek your own personal financial advice from your stockbroker, bank manager, solicitor, accountant or other independent financial adviser authorised under the Financial Services and Markets Act 2000. If you have sold or otherwise transferred all of your shares in Cairn Energy PLC, you should pass this document, the accompanying form of proxy and the Annual Report and Accounts of Cairn Energy PLC for the financial year ended 31 December 2016 without delay to the stockbroker, bank or other person who arranged the sale or transfer so they can pass these documents to the person who now holds the shares. CAIRN ENERGY PLC (incorporated in Scotland with registered number SC226712) Notice of Annual General Meeting Proposed New Long Term Incentive Plan and Proposed renewal of authority to dispose of or reduce the Group’s residual interest in Cairn India This document should be read as a whole and in conjunction with the accompanying Form of Proxy. Your attention is drawn to the letter from the Chairman of Cairn which is set out in Part I of this document recommending, on behalf of the Directors, that you vote in favour of the resolutions to be proposed at the Annual General Meeting referred to below. Notice of the 2017 Annual General Meeting of Cairn to be held in the Castle Suite of The Caledonian, a Waldorf Astoria Hotel, Princes Street, Edinburgh EH1 2AB at 12.00 noon (BST) on Friday 19 May 2017, is set out at the end of this document.
    [Show full text]
  • (Volcan) and Vedanta Resources Limit
    Further Clarification in relation to the transaction with Volcan Volcan Investments Limited (Volcan) and Vedanta Resources Limited, the parent companies of Vedanta Limited, holding more than 50%, have played a significant role in shaping and building Vedanta Limited businesses in a visionary and entrepreneurial manner. Volcan owns a 21% stake (voting interest) in Anglo American Plc (AA Plc). AA Plc is a globally diversified mining business that comprises of De Beers (largest diamond producer), copper, platinum and other precious metals, iron ore, coal and nickel. Cairn India Holdings Limited (CIHL), an overseas subsidiary of the Company, was offered the opportunity by Volcan to invest some of its surplus cash resources in a structured investment representing the economic interest in upside potential of ~24.71 million shares (~1.8% of outstanding shares) of AA Plc. The structure provides significantly higher returns compared to other overseas cash management investments that would typically return around 2%. After careful consideration of the risk adjusted returns of this opportunity relative to other available investments, it elected to invest a portion (which is less than 5% of Group’s cash and cash equivalent of around US$5.0bn) of its available cash resources, as part of its cash management activity. The ownership of the underlying shares, and the associated voting interest, remains with Volcan. The investment now has full capital and downside protection to ensure that the interests of Vedanta Limited shareholders’ are protected. The investment was made on an arm’s length basis in December 2018, after meeting all governance requirements. The economic interest was valued by an independent valuer and approved by the boards of CIHL and Vedanta Ltd.
    [Show full text]
  • Vedanta Limited and Cairn India Revise Terms for Merger
    THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION 22 July 2016 VEDANTA LIMITED AND CAIRN INDIA REVISE TERMS FOR MERGER Vedanta Limited, Cairn India Limited (“Cairn India”) and Vedanta Resources plc (“Vedanta plc” together with its subsidiaries, the “Group”), today announce revised and final terms to the recommended merger between Vedanta Limited and Cairn India (the “Transaction”), that was announced on 14 June 2015. Key Highlights o The Boards of Vedanta Limited and Cairn India have today approved revised and final terms for the Transaction, taking into account prevailing market conditions and having regard to underlying commercial factors. o Pursuant to the revised and final terms, each Cairn India minority shareholder will receive for each equity share held: - 1 equity share in Vedanta Limited; and - 4 Redeemable Preference Shares with a face value of INR 10 in Vedanta Limited, with a coupon of 7.5% and tenure of 18 months from issuance. - Implied premium of 20% to one month VWAP of Cairn India share price. o The recent commodity price environment has further strengthened the strategic rationale of the Transaction outlined at the announcement: - Diversified Tier-I portfolio de-risks earnings volatility and drives stable cash flows through the cycle. - Strong historical evidence over the last 10 years, of diversified resources companies generating total shareholder returns superior to single-commodity companies. - Improved ability to allocate capital to the highest return projects across the portfolio.
    [Show full text]
  • Description Holding Book Cost Market Price Market Value £000'S £000'S
    DORSET COUNTY PENSION FUND VALUATION OF PORTFOLIO AT CLOSE OF BUSINESS 31 March 2017 Book Market Description Holding Market Value Cost Price £000's £000's UK EQUITIES MINING ACACIA MINING 33,000 147.93 4.502 148.57 ANGLO AMERICAN ORD USD0.54 270,390 2,804.18 12.27 3,317.69 ANTOFAGASTA ORD GBP0.05 74,500 151.50 8.355 622.45 BHP BILLITON ORD USD0.50 436,926 2,401.54 12.395 5,415.70 CENTAMIN EGYPT LTD 226,000 349.07 1.732 391.43 FRESNILLO 35,500 88.20 15.52 550.96 GLENCORE XSTRATA 2,412,543 5,662.91 3.141 7,577.80 HOCHSCHILD MINING ORD GBP0.25 49,000 108.90 2.765 135.49 KAZ MINERALS 53,600 89.80 4.551 243.93 PETRA DIAMONDS 106,900 169.67 1.329 142.07 POLYMETAL INT'L 53,800 514.30 9.945 535.04 RANDGOLD RESOURCES ORD USD0.05 19,250 485.32 69.7 1,341.73 RIO TINTO ORD GBP0.10 (REG) 250,150 2,876.49 32.185 8,051.08 VEDANTA RESOURCES ORD USD0.10 18,500 75.07 8.11 150.04 Total MINING 15,924.89 28,524.69 OIL & GAS PRODUCERS AFREN PLC 218,000 215.93 0 0.00 BP ORD USD0.25 3,948,100 13,177.95 4.5885 18,115.86 CAIRN ENERGY ORD GBP0.06153846153 119,207 236.32 2.048 244.14 NOSTRUM OIL & GAS 17,700 84.36 4.796 84.89 ROYAL DUTCH 'B' ORD EUR0.07 1,642,961 20,190.09 21.945 36,054.78 TULLOW OIL ORD GBP 0.10 188,500 789.92 1.99026 375.16 Total OIL & GAS PRODUCERS 34,694.58 54,658.45 CHEMICALS CRODA INTL ORD GBP0.10 26,995 211.15 35.77 965.61 ELEMENTIS 99,000 130.23 2.899 287.00 JOHNSON MATTHEY ORD GBP1.00 40,357 446.31 30.82 1,243.80 SYNTHOMER 57,665 118.87 4.751 273.97 VICTREX ORD GBP0.01 17,000 111.61 19.02 323.34 Total CHEMICALS 1,018.16 3,087.91 CONSTRUCTION
    [Show full text]
  • View Annual Report
    Vedanta Resources plc Resources Vedanta Annual Report FY2016 A resilient portfolio through the cycle Vedanta Resources plc Annual Report FY2016 1 2 3 Our core purpose Vedanta Resources plc is a UK Vedanta is a globally diversified natural resources company with listed global diversified natural low-cost operations. We empower our people to drive excellence and innovation to create value for our resources company. stakeholders. We demonstrate world- class standards of governance, safety, sustainability and social responsibility. Front cover, top: Control room at BALCO power plant. This page Front cover, bottom: Shaft headgear at Black Mountain mine. 1: Ingot loading at Jharsuguda. 2: Engineer at Rampura Agucha open cast mine. 3: Engineers at Jharsuguda smelter. www.vedantaresources.com http://sustainabledevelopment.vedantaresources.com 01 STRATEGIC REPORTSTRATEGIC A resilient portfolio through the cycle plc Resources Vedanta We have experienced volatile markets and significantly Winner of Entrepreneur of the Year award, lower commodity prices during sixth annual Asian Awards the financial year and the entire Annual Report FY2016 organisation has met these 1 challenges well. Anil Agarwal, Chairman See page 10 See page 84 2 See page 36 3 See page 68 Strategic report Iron Ore 68 Financial statements Copper India & Australia 72 Introduction 01 Independent Auditor’s Report 136 Copper Zambia 76 Highlights 02 Consolidated Income Statement 141 Aluminium 80 At a Glance 04 Consolidated Statement of Power 84 Strategic Overview 06 Comprehensive Income
    [Show full text]
  • High Impact Sector Companies Analysed in the CDP Europe Report – 2019 Disclosure Year
    High impact sector companies analysed in the CDP Europe Report – 2019 disclosure year The materials, energy and transport sectors, along with agriculture, comprise CDP’s high impact sectors. However due to lack of reporting data, the Agriculture sector was not included in the high- impact company analysis. Organization name Country Sector EVN AG Austria Electric utilities Mayr-Melnhof Karton Aktiengesellschaft Austria Paper & forestry OMV AG Austria Oil & gas Österreichische Post AG Austria Transport services VERBUND AG Austria Electric utilities Voestalpine AG Austria Steel Food, beverage & Anheuser Busch InBev Belgium tobacco Bekaert NV Belgium Metals & mining bpost Belgium Transport services Elia System Operator Belgium Electric utilities Fluxys Belgium Belgium Oil & gas Nyrstar NV Belgium Metals & mining Ontex Group NV Belgium Paper & forestry Solvay S.A. Belgium Chemicals CEZ Czechia Electric utilities A.P. Moller - Maersk Denmark Transport services Food, beverage & Carlsberg Breweries A/S Denmark tobacco Food, beverage & Chr. Hansen Holding A/S Denmark tobacco Dampskibsselskabet NORDEN A/S Denmark Transport services DFDS A/S Denmark Transport Services DSV A/S Denmark Transport services Novozymes A/S Denmark Chemicals Ørsted Denmark Electric utilities Finnair Finland Transport services Fortum Oyj Finland Electric utilities Huhtamäki Oyj Finland Paper & forestry Kemira Corporation Finland Chemicals Metsä Board Finland Paper & forestry Neste Oyj Finland Oil & gas Outokumpu Oyj Finland Steel Stora Enso Oyj Finland Paper & forestry UPM-Kymmene
    [Show full text]
  • Vedanta Resources Limited Preliminary Results for the Year
    Vedanta Resources Limited 16 Berkeley Street London W1J 8DZ Tel: +44 (0) 20 7499 5900 Fax: +44 (0) 20 7491 8440 www.vedantaresouces.com 20 May 2019 Vedanta Resources Limited Preliminary Results for the year ended 31 March 2019 Financial highlights Revenue at US$ 14.0 billion, 8% lower y-o-y (FY2018: US$ 15.3 billion) driven mainly by shutdown of Tuticorin smelter partially offset by Aluminium business ramp up and ESL acquisition EBITDA◊ at US$ 3.4 billion, 14% lower y-o-y (FY2018: US$ 4.0 billion) Robust adjusted EBITDA◊ margin of 29% (FY2018: 35%) ROCE◊ at 9.6% in FY2019 (FY2018: 14.3%) Free cash flow (FCF) ◊ post-capex of US$ 1.2 billion (FY2018: US$ 0.9 billion) Gross debt at US$ 16.0 billion (FY2018: US$ 15.2 billion), due to ESL acquisition and temporary borrowing at Zinc India Net debt◊ at US$ 10.3 billion (FY2018: US$ 9.6 billion) , primarily due to ESL acquisition Strong financial position with cash equivalents, liquid investments and structured investments of US$ 5.7 billion (FY2018: US$ 5.6 billion) S&P affirmed the ratings at B+ while revising the Outlook to Negative in March 2019 Moody’s affirmed the Corporate Family ratings at Ba3 while revising the Outlook to Negative in February 2019 Highest ever contribution to the exchequer of c. US$ 6.2 billion in FY2019 In December 2018, the Group purchased an economic interest through a structured investment in the equity shares of Anglo-American Plc, from Volcan Investments Limited for a total consideration of US$ 541 million.
    [Show full text]
  • Fundamentals and Estimations of Vedanta Buyout of Cairn India
    Munich Personal RePEc Archive International Diversification through Acquisition: Fundamentals and Estimations of Vedanta buyout of Cairn India Reddy, Kotapati Srinivasa 2010 Online at https://mpra.ub.uni-muenchen.de/74304/ MPRA Paper No. 74304, posted 06 Oct 2016 17:43 UTC Page 1 of 43 International Diversification through Acquisition: Fundamentals and Estimations of Vedanta buyout of Cairn India Kotapati Srinivasa Reddy First draft July – October 2010 Under the kind guidance of V.K. Nangia Professor& Head, Department of Management Studies Rajat Agrawal Assistant Professor, Department of Management Studies Indian Institute of Technology (IIT) Roorkee, Roorkee - 247667 Uttarakhand. (India). Page 2 of 43 International Diversification through Acquisition: Fundamentals and Estimations of Vedanta buyout of Cairn India Abstract Corporate valuations, financial strength in cash flows and opening up of debt facility favour more overseas acquisitions. Historically, corporate restructuring is a strategic, mechanized and chemical formula for achieving external growth to become a globalized diverse company. The phenomenon of ‘diversification’ is not new, where it was born in the timeline of the Kings. Markets are becoming highly connective, accessible, communicative and are reaching maturity at a very high phase. Acquisition is a choice to enhance the emerging and diversified markets. This case- based research study presents a case discussion, case analysis and opinion based inference on Vedanta – Cairn India cross-border acquisition deal in Indian oil and exploration industry. We also suggest a new forecasting model to estimate future free cash flows and firm valuation in the upcoming research field of corporate finance. The study exclusively shows reaction of stocks against acquisition announcement and compares with market performance.
    [Show full text]
  • Cairn's Merger with Vedanta
    MUMBAI SILICON VALLEY BANGALORE SINGAPORE MUMBAI BKC NEW DELHI MUNICH NEW YORK Cairn’s Merger With Vedanta ‘Fair’ or ‘Socializing The Debt of Vendanta’? January 2016 © Copyright 2016 Nishith Desai Associates www.nishithdesai.com Cairn’s Merger With Vedanta ‘Fair’ or ‘Socializing The Debt of Vendanta’? About NDA Nishith Desai Associates (NDA) is a research based international law firm with offices in Mumbai, Bangalore, Silicon Valley, Singapore, New Delhi & Munich. We specialize in strategic legal, regulatory and tax advice coupled with industry expertise in an integrated manner. We focus on niche areas in which we provide significant value and are invariably involved in select highly complex, innovative transactions. Our key clients include marquee repeat Fortune 500 clientele. Our practice areas include International Tax, International Tax Litigation, Litigation & Dispute Resolution, Fund Formation, Fund Investments, Corporate & Securities Law, Mergers & Acquisitions, Competition Law, JVs & Restructuring, Capital Markets, Employment and HR, Intellectual Property, International Commercial Law and Private Client. Our specialized industry niches include funds, financial services, IT and telecom, pharma and healthcare, media and entertainment, real estate and infrastructure & education. Nishith Desai Associates has been ranked as the Most Innovative Indian Law Firm (2014 & 2015) at the Innovative Lawyers Asia-Pacific Awards by the Financial Times - RSG Consulting. Nishith Desai Associates has been awarded for “Best Dispute Management lawyer”, “Best Use of Innovation and Technology in a law firm”, “Best Dispute Management Firm”, and “M&A Deal of the year” by IDEX Legal 2015 in association with three legal charities; IDIA, iProbono and Thomson Reuters Foundation. Nishith Desai Associates has been recognized as a Recommended Tax Firm in India by World Tax 2015 (International Tax Review’s directory).
    [Show full text]