Acquisition of Cairn India by Vedanta - Biggest Deal in Indian Oil Sector
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Code : FCF0017
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Region : Netherlands, Europe
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Vedanta: An Overview London Stock Exchange (LSE) listed global mining company and a member of FTSE 100 Index, Vedanta, headquartered in London, was founded by the famous Indian billionaire Anil Agarwal in Mumbai (then Bombay) in 1976. Vedanta is the first Indian manufacturing company to be listed on LSE and operates mainly in three countries – India, Australia and Zambia. Vedanta is a diversified player. The main products that Vedanta deals in are: aluminum, copper, zinc, iron ore and commercial power generation business... Cairn India Cairn India, a subsidiary of Cain Energy PLC, is an international oil and gas exploration company, headquartered in Edinburgh, United Kingdom. In 1979, Sir Bill Gammell formed Castle Cairn Financial Services in Scotland, which started expanding gradually and led to the formation of a new company, in 1986 - Cairn Energy Management. In 1988, the company was acquired by Caledonian Offshore Ltd., and renamed as Cairn Energy PLC... Acquisition Move by Vedanta to Acquire Stake in Cairn India On August 16, 2010 Vedanta announced to acquire 51–60% stake of Cairn India from Cairn Energy PLC which holds 62.4% stake in Cairn India, for a deal worth $8.5–$9.6 billion. This cash deal was structured in such a manner that Vedanta would hold 31%–40% stake in Cairn India whereas Vedanta’s Indian subsidiary Sesa Goa would acquire 20% stake in Cairn India by making an open offer... |
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