Miner Vedanta drops restructuring plans

LONDON, Sept 24 (Reuters) - India-focused miner Vedanta Resources Plc dropped plans on Wednesday to streamline its corporate structure into three units. "In view of the recent changes in global financial markets and investor feedback, Vedanta has decided not to pursue the proposed group restructuring," a statement said. "Vedanta remains committed to simplifying and streamlining its corporate structure in the interests of all shareholders." Vedanta announced the revamp on Sept. 9, which was welcomed by analysts after a string of acquisitions in recent years resulted in cross-holdings between group firms and overlapping businesses. The restructuring was planned to result in three units focused on commodities produced by the group: copper, zinc and lead; aluminium and energy; and iron ore. Wednesday's brief statement did not give details of why some investors opposed the move and how the turmoil on financial markets affected the plans. Vedanta was not immediately available to comment further. Vedanta said at the time that the restructuring would give independent focus to the management of each unit, would simplify the group structure while also eliminating multiple cross-holdings and overlapping businesses. Vedanta shares, which have shed a quarter so far this year, closed at 1,527 pence on Tuesday. (Reporting by Eric Onstad; editing by Sue Thomas)