Vedanta Resources plc (LON: VED) is going to buy Cairn India

Vedanta Resources plc company absorbs

In brief: Vedanta Resources buys 51% Cairn India shares for $ 8-8,5 billion, - informs the company press-service.

The largest copper mining company Vedanta Resources Plc. (LON: VED) Cairn India will buy a controlling stake, the Indian unit of British Energy Corporation Cairn Energy Plc., for the sum of $ 8 billion to $ 8.5 billion.

According to the report, we are talking about buying 51% stake in Cairn India of 62.37%, which is currently owned by Cairn Energy. At present, companies are being negotiated, but in Vedanta, and Cairn Energy confirmed the intention to conclude a deal. In case of successful completion of the transaction Cairn India will be the first oil and gas assets Vedanta, specializes in the mining industry. However, as stated in the leadership of Cairn India, despite the possible sale of a controlling stake, Cairn Energy to fully intends to sell the remaining interest in his “daughter”.

Anrey Torbinski
2010-08-13 12:14, Economics.

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