Thursday, October 7, 2010, 1:21 PM
As expected, overwhelming approval by shareholders in Cairn India (CRNCY.PK) for an up-to-$8.5B stake sale to Vedanta (VDNRF.PK), but Cairn's down 3.1% amid fears the deal may not close in timely fashion - or at all. (previously)
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Wednesday, August 25, 2010, 8:28 AM
A senior official in India's oil ministry flatly denies state-run energy firms Oil & Natural Gas Corp. and GAIL India (GAILF.PK) may make a counteroffer for a stake in Cairn India (CRNCY.PK). There is "no chance" of a counterbid because the valuation from Vedanta (VDNRF.PK) is already "very high."
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Monday, August 16, 2010, 8:20 AM
Vedanta Resources (VDNRF.PK) plans to buy up to 60% of Cairn India (CRNCY.PK) for up to $9.6B, gaining a controlling stake in a firm with the potential to generate around 25% of India's oil and gas production. Analysts are skeptical: Vedanta has no experience with oil & gas, and there will be few synergies with its existing business.
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Thursday, August 12, 2010, 5:49 AM
Vedanta Resources (VDNRF.PK) is said to be in talks to buy assets or a multibillion-dollar equity stake in Cairn Energy (CRNCY.PK), a U.K. oil and gas exploration firm. It would mark a major strategy shift for metals producer Vedanta, which has had no experience with oil and gas exploration. In London trading, Vedanta -4.2%, Cairn +1.1%.
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