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Cairn shareholders approve purchase of Vedanta stake

first_img KCS-content Thursday 7 October 2010 9:45 pm whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan Times Vedanta Resources cleared some hurdles to its $10bn (£6.3bn) plan to take a sizeable stake in Cairn India yesterday but concerns of potential delays to the deal weighed on Cairn Energy shares.Cairn Energy agreed in August to sell London-listed miner Vedanta Resources a stake of between 40 and 51 per cent of Cairn India, the company it formed through spinning off its Rajasthan assets in 2007, for up to $8.5bn.However, rumblings from government and Cairn India’s partner in its big Rajasthan fields, Indian state-run Oil and Natural Gas (ONGC), have prompted fears among Cairn Energy investors that the deal which has been welcomed by analysts, may not close.Cairn said yesterday that over 99 per cent of shareholders had voted to support the planned sale – a result predicted by analysts.Cairn plans to return some cash to investors and invest the rest in exploration. India’s number two oil official, S Sundareshan, downplayed the chances of Indian rival ONGC seeking to pre-empt the sale, saying the high cost would be a problem. “I don’t think the ONGC board has seriously considered a counter offer,” he said. Read This Next’Kevin Can F**k Himself’: Here’s Why Only Allison and Patty Are SeenThe Wrap20 Stars Who’ve Posted Nude Selfies, From Lizzo to John Legend (Photos)The Wrap’Batwoman’: Wallis Day on Circe’s ‘Deranged’ Warpath and the Key to SavingThe Wrap’Godzilla vs Kong’ Reaches $100 Million in US After Grossing $250,000 inThe WrapJoin a Conversation on ‘Cancel Culture in Comedy’ with Maz Jobrani, SkyeThe WrapAnya Taylor-Joy, Ralph Fiennes Join Searchlight’s Dark Comedy ‘The Menu’The WrapAfter ‘Black Widow,’ Kevin Feige Leaves Open the Possibility of OtherThe Wrap’Pose’ Creator Steven Canals on Life After His Groundbreaking Show: ‘I’mThe Wrap’The Boys’ Star Aya Cash Took Inspiration From YouTube, TikTok and SteveThe Wrapcenter_img whatsapp Share Cairn shareholders approve purchase of Vedanta stake Show Comments ▼ Tags: NULLlast_img

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