Vedanta to buy stake in Cairn India

By OGJ editors
HOUSTON, Apr. 20
-- Vedana Resources PCL, which is trying to acquire a majority stake in Cairn India Ltd., bought 10.4% interest from Petronas, the company reported Apr. 19.

Vedanta said its subsidiary, Sesa Goa Ltd., bought 200 million Cairn India shares for $1.5 billion, or $7.44/share. Petronas said it sold its entire 14.9% interest in Cairn India for $2.1 billion, but Petronas did not release the names of the buyers.

On Aug. 16, 2010, Vedanta offered to acquire a controlling interest in Cairn India from Cairn Energy PLC and minority shareholders at an estimated cost of up to $9.6 million.

India’s government has yet to approve the offer from Vedanta, a mining company, for the stake from Cairn Energy.

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