Visit http://indiaer.blogspot.com/ for complete details �� ��
Sterlite acquires Skorpion Zinc Mine – First phase of Anglo Zinc acquisition
Sterlite has completed the acquisition of Skorpion Zinc Mine (Namibia) from Anglo at a
total cost of US $707mn. The Namibian asset is part of the acquisition of Anglo
American’s zinc assets announced in May 2010 for a total consideration of US $1,338mn.
As per the company, the acquisition has been undertaken by its wholly owned subsidiary
Sterlite Infra as against intended under Hindustan Zinc because the Indian Government’s
approval was not received within the contractual completion timeline for Skorpion. The
acquisitions of the other two mines (Lisheen and Black Mountain) are expected to be
completed on schedule. We maintain Buy on Sterlite with a Target Price of `196.
No comments:
Post a Comment