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BUZZ-Vedanta Resources: Rises on merger of Indian units

Reuters - UK Focus

(clarifies deal value in third bullet point)

** Oil and metals producer's shares up 3.5 pct after its Indian unit Vedanta Ltd announced a deal to buy out minority shareholders in Cairn India

** Stock top gainer on FTSE 350 Mining Index in decent volume

** Deal, which values the stake held by minority shareholders in Cairn India at $2.3 bln, would help Vedanta Resources repay its $8.5 bln debt

** Jefferies raises PT on Vedanta Resources (Other OTC: VDNRF - news) to 600p from 550p, rating "Hold", saying deal "will strengthen its balance sheet and simplify its overall group structure"

** Vedanta Ltd shares marginally down in decent volume, Cairn India shares up 3.8 pct with twice its daily avg having gone through (venkateshasoumithri.mamidipudi.thomsonreuters.com@reuters.net)