Ashurst is advising Volcan Investments on its recommended possible offer for Vedanta Resources, announced today.  Volcan and an Independent Committee of the board of Vedanta have reached an agreement in principle on the key terms of a possible recommended all cash offer to be made by Volcan (or a wholly-owned subsidiary of Volcan formed for the purposes of the transaction) at a price of 825 pence per share for the remaining issued and to be issued share capital of Vedanta not currently owned by Volcan. The possible offer price values the total issued share capital of Vedanta at £2.3 billion and the issued share capital not currently owned by Volcan at £778 million

Vedanta Resources is a London Stock Exchange listed globally diversified natural resources major with interests in Zinc, Lead, Silver, Copper, Iron Ore, Aluminium, Power and Oil & Gas. Volcan, which holds approximately 66.53 per cent. of Vedanta's total issued share capital, is a holding company beneficially wholly owned by the Anil Agarwal discretionary trust.

The Ashurst team advising Volcan is being led by corporate partner Tom Mercer with fellow corporate partner Robert Ogilvy Watson and finance partner Tim Rennie.  Also advising are corporate associates Aimee Carroll Hewitt and Demi Pham, senior finance associate Fiona Palamarczuk and  share schemes counsel David Baxter.