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Cairn India rises on Vedanta buy
Shares in Cairn India ended 4.3 percent higher on Friday following reports that India-focused Vedanta Resources was likely to take a 51 percent controlling stake for $8 billion to $8.5 billion.
The source said the deal is expected to be announced on Monday.
Vedanta Resources is in talks with Cairn Energy, which has a 62.37 percent stake in Cairn India, to buy a stake in the parent company’s Indian unit, both companies confirmed on Thursday.
Such a deal would be the diversified miner’s first move into oil and gas.
Shares of Cairn India have gained over 20 percent so far this year. Do you think the counter will gain further if the deal goes through?