Vedanta Resources Share News (VED)

LONDON (Alliance News) - Stock prices in London are seen opening lower ahead of UK manufacturing PMI data at 0930 BST, as a trust of Vedanta Resources chairman agreed to buy the remaining stake in the Indian miner. IG futures indicate the FTSE 100 index is to open 52.53 points lower at 7,584.40. The blue chip index closed up 0.3% at 7,636.93 on Friday. In early UK corporate news, Indian miner Vedanta Resources said it has agreed terms over an all cash offer from Volcan Investments - an investment vehicle controlled by Vedanta Chairman Anil Agarwal. Volcan holds a 67% stake in Vedanta. The offer priced at 825 pence per share values Vedanta at GBP2.33 billion and the issued share capital not currently owned by Volcan at GBP778 million. The offer represents a premium of 27.6% to the closing share price of 647.0p on Friday and 13.5% to Vedanta's three-month volume weighted average price of 727 pence.In addition, the company said Volcan has confirmed to the Independent Committee that Vedanta shareholders will also be entitled to receive the 2018 Dividend due to be paid out in US dollars on August 22. The total offer value in aggregate comprises 856 pence per share, and represents a premium of approximately 32.4% to the closing price of 647 pence per Vedanta share on Friday. Should the offer be successful, Volcan intends for Vedanta to make an application for the cancellation of the listing of its shares on the London Stock Exchange. This would take effect no earlier than 20 business days after the date on which Volcan has received acceptances."The London listing has served us extremely well since that time. However, given the subsequent growth of our underlying businesses and the maturity of the Indian capital markets, together with related feedback from our shareholders and other stakeholders, we have concluded that a separate London listing is no longer necessary to achieve the Vedanta Group's strategic objectives," Agarwal said. "In taking this important step towards greater group simplification, we wanted to ensure that the independent shareholders of Vedanta Resources were provided with the opportunity to exit on attractive terms, and I believe this possible offer will deliver on that objective," added Agarwal. FTSE 100-listed UK supermarket chain Tesco said it is to enter a three-year strategic alliance with French peer Carrefour Group. Tesco said the partnership will cover the strategic relationship with global suppliers, the joint purchasing of own brand products and goods not for resale. In addition, the alliance will enable both companies to improve quality and choice of products available to its customers and strengthen relationships with suppliers, Tesco added. The alliance is expected to be formally agreed within the next two months. "I'm delighted to be entering into a strategic alliance with Carrefour. By working together and making the most of our collective product expertise and sourcing capability, we will be able to serve our customers even better, further improving choice, quality and value," said Tesco Chief Executive Dave Lewis. Software company Micro Focus International said it has agreed to sell its Linux unit SUSE Business for USD2.54 billion to Blitz 18-679 - a subsidiary of EQT Partners's fund EQTVIII, on a cash and debt free basis. Micro Focus expects the transaction to complete in the first quarter of 2019."The transaction delivers compelling value for Micro Focus and provides the SUSE Business with a strong, long-term investor to support it in its next phase of growth. We will evaluate how best to deploy the net proceeds of the transaction for the benefit of shareholders over the coming months," said Chairman Kevin Loosemore.Sterling was lower against the dollar quoted at USD1.3173 early Monday ahead of the PMI reading, compared to USD1.3200 at the London equities close on Friday. Last month UK manufacturing PMI indicated a slight acceleration of activity, rebounding to 54.4, having eased to 53.9 in April. Th reading for June is expected to come in at 54.0. The Japanese Nikkei 225 index closed down 2.2%. In China, the Shanghai Composite is down 2.2%.Stock markets in Hong Kong are closed on Monday for the Hong Kong Special Administrative Region Establishment Day holiday."Asian markets were subdued on the open, and European bourses are pointing to a lower start. Whilst a weaker pound will offer some support to the FTSE, a decline in the price of oil as Saudi Arabia comes under pressure to up production, combined with an expected fall in mining stocks on the back of weaker Chinese manufacturing data, means the FTSE could struggle to go anywhere but southwards," said London Capital's Jasper Lawler.In early economic news, the manufacturing sector in China continued to expand in June, albeit at a slower rate, the latest survey from Caixin revealed with a manufacturing PMI score of 51.0.This is down from 51.1 in May, although it remains above the boom-or-bust line of 50 that separates expansion of contraction.The economic events calendar on Monday has manufacturing PMI data from Italy, France, Germany, eurozone, and US at 0845 BST, 0850 BST, 0855 BST, 0900 BST and 1445 BST. There is also unemployment and producer price readings from the eurozone at 1000 BST.In the US on Friday, Wall Street ended higher, with the Dow Jones Industrial Average up 0.2%, S&P 500 up 0.1% and Nasdaq Composite ending 0.1% higher.