Mining firm agrees to pay up to $9.6 billion for Cairn India

08/23/2010
Vendata Resources PLC, London, has entered a conditional agreement with Cairn Energy under which it will pay as much as $9.6 billion in cash for up to 60% of Cairn's Indian subsidiary.The deal, which is subject to regulatory and shareholder approvals, includes an offer for publicly held shares of the subsidiary, Cairn India. Cairn Energy now owns 62.4% in Cairn India.Depending on the outcome of the public offer, Vendata would hold 31-40% of Cairn India directly, and Sesa Goa Ltd., a Panaji, India, iron ore company in which Vendata holds a 57.1% interest, would hold 20%.Cairn India holds interests in 11 blocks in India and Sri Lanka.Its main project is development of three oil fields in Ra...
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