Vedanta buys shares in Cairn India in market deals-source

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Tue Apr 19, 2011 4:28am GMT

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MUMBAI, April 19 (Reuters) - India-focused miner Vedanta Plc has bought shares in Cairn India through block market deals, a source with direct knowledge of the matter said on Tuesday.

Cairn Energy agreed in August to sell a majority stake in Cairn India to Vedanta, but the deal has been delayed due to a dispute over royalty payments by Cairn India's partner, state-run Oil and Natural Gas Corp . [ID:nL3E7F71N5]

One television channel said that Vedanta had bought 7.5 percent stake in Cairn India through the block deals, while another said the London-listed firm has taken an 11 percent stake through the market transaction.

Cairn India saw 283 million shares, or 14.9 percent of the share capital, changing hands in block share market deals on the Bombay Stock Exchange on Tuesday, and TV channels said Malaysia's national oil corporation Petronas was the seller. (

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Mar Avr 19, 2011 04:28 GMT

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MUMBAI, 19 avril (Reuters) - L'Inde axée sur mineur Vedanta Plc a acheté des actions de Cairn India travers les offres du marché des blocs, une source ayant une connaissance directe de la question, a déclaré mardi.

Cairn Energy a convenu en août de vendre une participation majoritaire dans Cairn India à Vedanta, mais l'affaire a été retardée en raison d'un différend sur les paiements de redevances par le partenaire Cairn Inde, gérés par l'État de pétrole et de gaz naturel Corp. [ID: nL3E7F71N5]

Une chaîne de télévision a dit que Vedanta avait acheté 7,5 pour cent des parts dans Cairn Inde grâce à la traite bloc, tandis qu'un autre dit que l'entreprise cotée à Londres a pris une participation de 11 pour cent par la transaction sur le marché.

Cairn India a vu 283 millions parts, soit 14,9 pour cent du capital social, ont changé de mains dans les transactions de bloc part de marché sur la Bourse de Bombay, le mardi, et les chaînes de télévision de la Malaisie a déclaré National Oil Corporation Petronas a été le vendeur. (

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Finalement, les gouvernements, on s'en fiche...

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19 APR, 2011, 11.32AM IST,REUTERS
Petronas exits stake in Cairn India: Source

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Read more on »vedanta|Petronas|Natural Gas Corp.|Cairn India Ltd.|Cairn India


Cairn India Ltd.
BSE
344.00
02.21%07.45
Vol:294527776 shares traded
NSE
344.60
02.51%08.45
Vol:7586453 shares traded
Prices|Financials|Company Info|Reports
MUMBAI: Malayasian state oil company Petronas has exited its entire stake of about 14.9 percent in Indian energy company Cairn India through block trades to buyers including Vedanta , which bought an 11 percent stake in the firm, according to a source with direct knowledge of the matter.

The total value of the trades was about $2.1 billion.

UK-based Cairn Energy agreed in August to sell a majority stake in Cairn India to Vedanta, but the deal has been delayed due to a dispute over royalty payments by Cairn India's partner, state-run Oil and Natural Gas Corp

[Clint]

Petronas sells Cairn stake to Vedanta: report
(AFP) – 42 minutes ago

MUMBAI — Malaysia's Petronas sold Tuesday its near 15-percent stake in Cairn India, most of it to British resources giant Vedanta which aims to take control of the Indian energy explorer, a media report said.

The purchase by Vedanta is a sign that the London-listed company is keen to pursue its planned $9.6-billion takeover of Cairn India, a unit of Scotland's Cairn Energy, despite numerous delays, the CNBC-TV 18 channel reported.

None of the companies was immediately available for comment.

CNBC-TV 18, which did not cite sources, said London-listed Vedanta bought 11 percent of the 14.9-percent stake offloaded by state-owned oil and gas explorer Petronas, while 3.9 percent went to financial institutions.

CNBC said the share sale would have raised around $2 billion for Petronas.

http://www.google.com/hostednews/afp/ar ... 411e32.4e1

Vedanta, controlled by Indian-born billionaire Anil Agarwal, last August said it wanted to buy up to 60 percent of Cairn India to add to its numerous India-focused assets.

But the sale has been beset by difficulties caused by differences between Cairn and its Indian state-owned partner Oil and Natural Gas Corp (ONGC) over the payment of royalties involving India's biggest onshore oilfields.

The Indian cabinet is split over whether the royalty row should be settled before or after the sale goes through and the matter was referred earlier this month to a panel of ministers for review.

The impasse comes at a bad time for India as foreign investment has slumped with investors worrying about a slew of corruption scandals that have shaken the government, including a suspected massive telecoms licensing fraud.

About 283.43 million shares of Cairn India were traded for about 331 apiece on the Bombay Stock Exchange early Tuesday, Dow Jones Newswires reported.

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19 AVRIL 2011, 11:32 IST, REUTERS
Petronas sorties participation dans Cairn India: Source

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En savoir plus sur » Vedanta | Petronas | Natural Gas Corp | Cairn India Ltd | Cairn India


Cairn India Ltd
ESB
343.85
02,17%07.30
Vol: 298750722 actions négociées
NSE
344.00
02,34%07.85
Vol: 9865418 titres échangés
Prix ​​| Finance | Info Société | Rapports
MUMBAI: Malayasian compagnie pétrolière d'Etat Petronas a quitté totalité de sa participation d'environ 14,9 pour cent en Inde société d'énergie Cairn India par les opérations en bloc à des acheteurs dont Vedanta, qui a acheté une participation de 11 pour cent dans l'entreprise, selon une source ayant une connaissance directe de la question .

La valeur totale des transactions était d'environ $ 2,1 milliards.

Royaume-Uni Cairn Energy accepté en août de vendre une participation majoritaire dans Cairn India à Vedanta, mais l'affaire a été retardée en raison d'un différend sur les paiements de redevances par le partenaire Cairn Inde, gérés par l'Etat Oil and Natural Gas Cor

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19 APR, 2011, 03.47PM IST, SOMA BANERJEE,ET BUREAU
Cairn-Vedanta deal: Its now come down to rank and file

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Read more on »Vedanta Resources|RIL|Petronas|oil sector|Cairn Vedanta deal|Cairn India Ltd.


Cairn India Ltd.
BSE
344.25
02.29%07.70
Vol:299131841 shares traded
NSE
344.10
02.37%07.95
Vol:10385400 shares traded
Prices|Financials|Company Info|Reports
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PETRONAS , Cairn's four year old partner has called it quits. Quite abruptly, one may say! And this may just be the beginning for Cairn India that has had a successful run till now. There is news trickling in, that the delay in the Cairn-Vedanta transaction has put the company's operations in a limbo, forcing senior and mid level staff to move on to greener pastures.

The top management of Cairn India has been busy fighting an internal crisis for the past few weeks. First, to stall the sudden exit of their Malaysian partner, who at one point was willing to buy the Cairn stock at a premium, while on the other it was the raging internal battle as there was a steady rise in the rank and files of people quitting, primarily for foreign jobs. A senior company official said that most of the resignations have come in the mid-to senior category who have opted for jobs in Dubai and Singapore. And this may be just the beginning as rival Indian oil firms too are on the prowl and poaching is imminent, he said. The exit of some of the key people will be a setback as Cairn had spent a considerable amount of time and investment in training personnel in specialized technology and skills.

Having worked in a successful oil firm that has discoveries to its credit is always a brand in itself. Cairn and RIL has been the poster boys for private investments in India's oil sector .

The main reason for the "frustration" within the company is because of the uncertainty that has followed Cairn Plc's proposal to sell majority of its stake to Vedanta. On the one hand, production from its fields which could have been ramped up, have remained unchanged as the government has been unable to make up its mind. On the other, Cairn's partner in the Rajasthan fields ONGC has done precious little to push for speedy decisions.

The market has given thumbs down to the deal as it is still unclear on what conditions it would come through. Although the share price of Cairn India remains static when compared to Aug 16, 2010, when the deal was announced, it has seen some dramatic lows as the contours of the approval process over the last nine months unfolded.

The fate of the Cairn Vedanta deal that has been mired in a political turmoil since last August is still uncertain. The companies have taken a deadline extension for one month i.e. up to May 22, but there is no clarity as to whether there would a decision by then. The cabinet had referred the case to a special group of ministers to debate and takes a call on the concerns raised by Cairn's Indian partner ONGC. The Malaysian state-owned oil major that had first bought into Cairn India during the IPO, investing twice after that, had a 14.9% stake. Last reported, the Malaysian partner had indicated that it would stay put even after the change of control and ownership post the Cairn-Vedanta deal. So what really led to the change of heart?

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19 APR, 2011, 06.47PM IST,PTI
Vedanta buys 10.5% in Cairn from Petronas at Rs 331/share

StoryComments

Read more on »vedanta|Petronas|Cairn India Ltd.|Cairn India


Cairn India Ltd.
BSE
344.25
02.29%07.70
Vol:299131841 shares traded
NSE
344.10
02.37%07.95
Vol:10385400 shares traded
Prices|Financials|Company Info|Reports
NEW DELHI: Mining group Vedanta Resources Plc, which is struggling to get government nod to take over Cairn India, today bought 10.5 per cent stake in the company from Malaysia's Petronas.

Malaysia's state oil firm Petroliam Nasional Bhd (Petronas) in a statement said it has "sold all of its 14.94 per cent holding (283.4 million shares) in Cairn India ... for a total consideration of approximately USD 2.1 billion."

About 200 million shares (or 10.5 per cent) of these were bought by Sesa Goa, a unit of Vedanta, at Rs 331 apiece, sources in know of the development said.

Petronas' remaining stake of up to 4.4 per cent was picked up by Indian and foreign institutions in a sale arranged by Bank of America Corp.

Vedanta had in August last year announced buying of 40 to 51 per cent stake in Cairn India from Edinburgh-based Cairn Energy Plc but the deal is yet to get government approval.

As part of the transaction, Sesa Goa made an open offer to buy an additional 20 per cent stake in Cairn India at Rs 355 per share.

The open offer which opened on April 11 was not expected to get much response because of the very narrow difference in price that Vedanta group is offering and Cairn India's trading price on the bourses.

Cairn India stocks closed 2.29 per cent higher at Rs 344.25 on the Bombay Stock Exchange.

Analysts said income earned from off-market share sale like tendering shares in an open offer, is subject to higher tax rate when compared to a market sale like the one done by Petronas. So investors would offer their shares in the open offer only when Cairn scrip is trading below Rs 325.

Sources said by buying Petronas shares, Vedanta has ensured it will have majority stake in Cairn India irrespective of the outcome of the open offer that closes at month end.

For Petronas, one of the first to invest in Cairn India, it was a desperate sale. It had been frustrated at growth of the company being stiffled by bureaucratic hurdles like the one oil ministry had erected in not allowing company to raise output from its mainstay Rajasthan block.

Cairn India is producing 125,000 barrels of oil per day from the Mangala oilfield, the largest in Rajasthan block. Output can be raised to 150,000 bpd without any investment but oil ministry has been sitting on approval for months now.

Also, it has thrown new challenges in form of seeking to change contract for the Rajasthan fields to make Cairn India pay a part of royalty on crude oil produced which otherwise is purely a liability of state-owned Oil and Natural Gas Corp.

The royalty dispute has primarily held up approval for Vedanta.

[indibleu]

<<<<<<<<<<<<<<Cette transaction met fin au formidable partenariat, en tant qu'actionnaire, noué en 2006 avec Cairn India", a souligné Petronas, le géant public malaisien de l'énergie, dans un communiqué.Petronas n'a pas précisé le nom des acheteurs de sa participation. Mais peu après, comme l'avaient affirmé des médias indiens, Vedanta a confirmé avoir acquis 200 millions d'actions Cairn India auprès du groupe malaisien, soit environ 10,4% du capital du groupe indien, au prix d'environ 1,5 milliard de dollars.

Le reste de la participation de Petronas, qui représentait 14,9% du capital de Cairn India, a été repris par des institutions financières, d'après la chaîne indienne CNBC-TV 18.

Comme l'ont souligné les médias indiens, en acquérant ce bloc d'actions, Vedanta a confirmé sa volonté de mener à bien son projet de rachat de Cairn India (filiale du groupe pétrolier écossais Cairn Energy), estimé à 9,6 milliards de dollars, annoncé dès l'an dernier mais qui a subi depuis de multiples retards et revers.

Vedanta, groupe coté à Londres et contrôlé par le milliardaire d'origine indienne Anil Agarwal, avait annoncé en août dernier qu'il voulait racheter jusqu'à 60% de Cairn India pour étoffer son portefeuille d'actifs en Inde.

Mais cet objectif s'est heurté à des difficultés provoquées par des différends entre Cairn India et son partenaire public indien ONGC (Oil and Natural Gas Corp), concernant le paiement de royalties liés aux plus importants gisements pétroliers indiens.

Le gouvernement indien est partagé sur cette affaire, s'interrogeant notamment pour savoir si la question des royalties devrait être réglée avant ou après la conclusion de la transaction.

Cairn India, quatrième compagnie pétrolière et gazière du pays en importance, possède 70% du champ de Mangala, communément appelé le bloc de Rajasthan. >>>>>>>>

Les indiens ne feraient-ils pas ce qu'il faut pour dégoûter les "étrangers" PETRONAS et CAIRN du pétrole indien au profit du Champion national Anil ?
Ont l'air écoeurés les gens de Petronas.....

[Le Niçois]

<<<<<<<<<<<<<<Cette transaction met fin au formidable partenariat, en tant qu'actionnaire, noué en 2006 avec Cairn India", a souligné Petronas, le géant public malaisien de l'énergie, dans un communiqué.Petronas n'a pas précisé le nom des acheteurs de sa participation. Mais peu après, comme l'avaient affirmé des médias indiens, Vedanta a confirmé avoir acquis 200 millions d'actions Cairn India auprès du groupe malaisien, soit environ 10,4% du capital du groupe indien, au prix d'environ 1,5 milliard de dollars.

Le reste de la participation de Petronas, qui représentait 14,9% du capital de Cairn India, a été repris par des institutions financières, d'après la chaîne indienne CNBC-TV 18.

Comme l'ont souligné les médias indiens, en acquérant ce bloc d'actions, Vedanta a confirmé sa volonté de mener à bien son projet de rachat de Cairn India (filiale du groupe pétrolier écossais Cairn Energy), estimé à 9,6 milliards de dollars, annoncé dès l'an dernier mais qui a subi depuis de multiples retards et revers.

Vedanta, groupe coté à Londres et contrôlé par le milliardaire d'origine indienne Anil Agarwal, avait annoncé en août dernier qu'il voulait racheter jusqu'à 60% de Cairn India pour étoffer son portefeuille d'actifs en Inde.

Mais cet objectif s'est heurté à des difficultés provoquées par des différends entre Cairn India et son partenaire public indien ONGC (Oil and Natural Gas Corp), concernant le paiement de royalties liés aux plus importants gisements pétroliers indiens.

Le gouvernement indien est partagé sur cette affaire, s'interrogeant notamment pour savoir si la question des royalties devrait être réglée avant ou après la conclusion de la transaction.

Cairn India, quatrième compagnie pétrolière et gazière du pays en importance, possède 70% du champ de Mangala, communément appelé le bloc de Rajasthan. >>>>>>>>

Les indiens ne feraient-ils pas ce qu'il faut pour dégoûter les "étrangers" PETRONAS et CAIRN du pétrole indien au profit du Champion national Anil ?
Ont l'air écoeurés les gens de Petronas.....

Champion national Anil ? faut pas exagérer , il fait partie de la diaspora indienne, mais bon on prend...