FTSE 100 index: BP plc (LON: BP) falls off as Vedanta Resources plc (LON: VED) shares rise in price

Vedanta does not intend to sell shares to cover loan

In brief: FTSE 100 index remains in the green zone. BP plc (LON: BP) shares lost in value. Vedanta Resources plc (LON: VED) climbs higher on the background of positive news

FTSE 100 holds in the green zone near 5,317.28 points, gained +0.78%. Vedanta Resources plc (LON: VED) rose to 2,173.00 points, earned +0.93%. At the same time, BP plc (LON: BP) shares fell to 406.15 points, losing -3.60 (-0.88%) in early trading.

Vedanta Resources (Mining Company), that plans to buy controlling stake in Cairn India shares, said it did not intend to sell their shares to pay $ 6.5 billion loan. It is reported that Vedanta is the money for at least two years to pay for the purchase of a 40% stake in Cairn India. Manufacturer of iron ore Sesa Goa (Vedanta owns a majority stake of this company) will pay cash for Cairn India 20% share. This margin is EBITDA Vedanta in the current year is expected to be more than $ 5.5 billion, enabling it to repay loans.

Anrey Torbinski
2010-08-17 09:28, Economics.

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