Vedanta sells its 9.5% stake in Canada’s Hudbay Minerals
8 July 2013 10:53 PM GMT
Vedanta Resources has exited from Hudbay Minerals Inc by selling its 9.5 per cent stake in the Canadian mining firm for about $151.8 million.
Vedanta had acquired about 14.5 million shares or 9.5 per cent stake in Hudbay Minerals, through a privately-held Netherlands-based subsidiary Lakomasko BV for an undisclosed sum.
Later, it was speculated that Vedanta may use the company as its gateway to North America and may even go for acquiring the company.
However, in its annual report for the last fiscal, Vedanta said that 'during the year ended 31 March 2013, the Group disposed its investment in Hudbay Minerals Inc for a consideration of $151.8 million', but did not give any reason for the exit.A Vedanta spokesperson could not be reached for comments on the matter.
Vedanta had acquired about 14.5 million shares or 9.5 per cent stake in Hudbay Minerals, through a privately-held Netherlands-based subsidiary Lakomasko BV for an undisclosed sum.
Later, it was speculated that Vedanta may use the company as its gateway to North America and may even go for acquiring the company.
However, in its annual report for the last fiscal, Vedanta said that 'during the year ended 31 March 2013, the Group disposed its investment in Hudbay Minerals Inc for a consideration of $151.8 million', but did not give any reason for the exit.A Vedanta spokesperson could not be reached for comments on the matter.
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