Episode du 18/02

[phili675]

18 FEB, 2011, 04.55AM IST,ET BUREAU
Decision on Cairn deal won't be taken under deadline from Pvt cos

StoryComments

Read more on »ongc|oil and natural gas corporation ltd.|murli deora|jaipal reddy|cairn deal


Oil And Natural Gas Corporation Ltd.
BSE
270.60
-02.56%-07.10
Vol:254956 shares traded
NSE
270.80
-02.54%-07.05
Vol:1883274 shares traded
Prices|Financials|Company Info|Reports
NEW DELHI: The government will expedite a decision on the controversial $9.6-billion Cairn-Vedanta deal but it will not accept any deadline from private companies, an oil ministry official said.

The deal, which has a shareholders' deadline of April 15, has had a roller-coaster ride for about six months since it was announced in August, largely because of a tussle between Cairn and ONGC , which has a 30% interest in the block, over royalty costs.

Oil ministry officials said Cairn had requested the government earlier this month that a decision should be taken by February 20 and some reports said the company had written to the government this week to reiterate its view. The company also needs time for the mandatory open offer before the transaction is completed.

This week, Oil Minister Jaipal Reddy told reporters at Panipat that his ministry would take the matter to the cabinet in two to three weeks after seeking opinions of the finance and law ministries as well as the corporate affairs ministry, which is currently headed by former oil minister Murli Deora . Reddy also endorsed ONGC's position that Cairn must also share a part of the royalty burden.

Reddy told ET that he would not comment on the matter and that he had nothing to add to what he had said at Panipat.

The oil ministry blames Cairn for delaying the decision and says the company had not applied for government approval for three months after the deal was announced in August. Cairn had initially maintained that the transaction involved change of shareholding pattern, which did not need the oil ministry's approval. "Today, they (Cairn Energy) want the government's approval before the budget session. But they are responsible for the delay as they lost more than three months in deciding whether they require the government's approval or not," an oil ministry official said requesting anonymity.

Cairn's spokesman reiterated the company's position on the deal: "We continue to work with the government of India in a constructive manner to secure the necessary consents and approvals in order to complete the transaction by April 15, 2011," he said.

[Toinou]

Trad :

18 février 2011, 04:55 IST, ET BUREAU
Décision relative à traiter Cairn ne seront pas prises en vertu du délai de cos Pvt

StoryComments

En savoir plus sur »ongc | pétrole et de gaz naturel société ltd |. Murli Deora | face cairn | Jaipal Reddy


Oil Corporation et de gaz naturel Ltd
ESB
270.60
-02,56% -07,10
Vol: 254.956 parts négociées
NSE
270.80
-02,54% -07,05
Vol: 1883274 titres échangés
Tarifs | Finance | Info Société | Rapports
NEW DELHI: Le gouvernement va accélérer une décision sur l'accord controversé Cairn-Vedanta de 9,6 milliards, mais il n'acceptera pas de délai d'entreprises privées, un fonctionnaire du ministère du Pétrole a dit.

L'accord, qui dispose d'un délai actionnaires du 15 avril, a eu un tour de montagnes russes pendant environ six mois depuis qu'il a été annoncé en août, principalement en raison d'un bras de fer entre Cairn et ONGC, qui a une participation de 30% dans le bloc , plus les frais de redevances.

fonctionnaires du ministère du pétrole a dit Cairn avait demandé au gouvernement plus tôt ce mois-ci que la décision devrait être prise par Février 20 et certains rapports déclaré que la compagnie avait écrit au gouvernement cette semaine pour réitérer son point de vue. La société a aussi besoin de temps pour l'offre obligatoire ouverte avant que la transaction est terminée.

Cette semaine, le ministre du Pétrole Jaipal Reddy a déclaré à Panipat que son ministère met l'affaire au cabinet d'ici deux à trois semaines après avoir demandé l'avis des ministères des Finances et du droit ainsi que le ministère des affaires corporatives, qui est actuellement dirigé par l'ancien pétrole ministre Murli Deora. Reddy a également souscrit à la position ONGC qui Cairn doivent également partager une partie de la charge de la royauté.

Reddy dit HE qu'il ne ferait aucun commentaire sur la question et qu'il n'avait rien à ajouter à ce qu'il avait dit à Panipat.

Le ministère du pétrole accuse Cairn pour retarder la décision et affirme que la compagnie n'avait pas demandé l'approbation du gouvernement pour les trois mois après la transaction a été annoncée en août. Cairn avait d'abord soutenu que la transaction en cause changement de modèle de participation, qui n'a pas besoin de l'approbation du ministère du pétrole. "Aujourd'hui, ils (Cairn Energy) veulent l'approbation du gouvernement avant la session budgétaire. Mais ils sont responsables du retard car ils ont perdu plus de trois mois pour décider si elles nécessitent l'approbation du gouvernement ou non," un fonctionnaire du ministère du Pétrole a déclaré sous couvert d'anonymat .

porte-parole de Cairn a réitéré la position de l'entreprise sur le marché: "Nous continuons à travailler avec le gouvernement de l'Inde d'une manière constructive pour garantir que les consentements et approbations nécessaires pour compléter la transaction par le 15 avril 2011, dit-il.

[phili675]

18 FEB, 2011, 02.10PM IST,PTI
Will not seek extension of deadline for Vedanta deal: Cairn

StoryComments

Read more on »vedanta resources|cairn india ltd.


Cairn India Ltd.
BSE
317.65
-00.75%-02.40
Vol:227511 shares traded
NSE
316.90
-00.84%-02.70
Vol:1626707 shares traded
Prices|Financials|Company Info|Reports
NEW DELHI: UK's Cairn Energy Plc, which has proposed to sell most of its stake in its Indian unit to mining group Vedanta Resources , today said it will not an seek extension of the April 15 deadline to conclude the USD 9.6 billion deal.

"I don't intend to go back to shareholders to extend the deadline," Cairn Energy CEO Bill Gammell told reporters after meeting Oil Minister S Jaipal Reddy here.

He said his firm continues to be in dialogue with the government to secure the necessary approvals to conclude the deal by April 15.

"I'm confident that things will move further satisfactorily," he added.

[phili675]

Roulements de tambour, tout le monde montre ses muscles , avant la décision qui ne saurait tarder.Mon petit doigt ,trempé dans du thé indien me dit ...

[phili675]

Energy
18 FEB, 2011, 02.50PM IST,REUTERS
India to decide quickly on Cairn asset sale

StoryComments

Read more on »vedanta resources|cairn india ltd.|cairn energy|cabinet approval


Cairn India Ltd.
BSE
315.95
-01.28%-04.10
Vol:245106 shares traded
NSE
316.05
-01.11%-03.55
Vol:2204756 shares traded
Prices|Financials|Company Info|Reports
NEW DELHI: India's cabinet will make a decision quickly on Cairn Energy's deal to sell Indian assets to Vedanta Resources , Oil Minister S Jaipal Reddy said, adding there was no need to worry over meeting deadlines.

He had said earlier this week the $9.6 billion deal would be sent to cabinet for approval in two to three weeks.

"They (Cairn) are worried about their timeframe. I told them no need to worry," Reddy told reporters after a meeting attended by Cairn Energy Chief Executive Bill Gammell on Friday.

"Cabinet will look at it in a timeframe of three weeks," Reddy added. He passed the decision on to cabinet because it now involves several strands of government.

The deal is seen by many as a barometer for foreign investment in India at a time when fund flows are ebbing amid worries over corruption scandals tied to the award by government of telecoms licences.

Cairn has said it does not want to miss an April 15 deadline for sealing the deal, first agreed six months ago but bogged down over royalty issues with India and state-run partner Oil and Natural Gas Corp (ONGC).

Reddy said Britain's prime minister, David Cameron, had written to India on the issue.

Cameron "wants India to ensure early clearance of the (Cairn-Vedanta) deal. Such pressures are normal but we have to address our concern," Reddy said.

Reddy added that "there is a need for us to assure foreign investors about fair play in India."

ONGC owns 30 percent of a key producing block with Cairn in Rajasthan but pays 100 percent of royalties in an agreement reached when India was trying to attract foreign investment into its budding exploration sector.

India has said it will protect ONGC's interests under the sale of Cairn India's assets to Vedanta.

[phili675]

NEW DELHI: India's cabinet will make a decision quickly on Cairn Energy's deal to sell Indian assets to Vedanta Resources , Oil Minister S Jaipal Reddy said, adding there was no need to worry over meeting deadlines.

He had said earlier this week the $9.6 billion deal would be sent to cabinet for approval in two to three weeks.


En voilà un qui vient de manger son chapeau, vite fait bien fait.

[jbd48]

Non, il n'a pas mangé son chapeau, il maintient le délai de 3 semaines en considérant que c'est une décision rapide!
Regarde:

"They (Cairn) are worried about their timeframe. I told them no need to worry," Reddy told reporters after a meeting attended by Cairn Energy Chief Executive Bill Gammell on Friday. (Donc Today???) "Cabinet will look at it in a timeframe of three weeks," Reddy added.

[phili675]

Si cela est le cas, il n'y aura pas de deal ,Cairn venant d'annoncer que faute d'accord au 20/02 , ils mettaient fin au processus.

[JLuc]

Reddy added that "there is a need for us to assure foreign investors about fair play in India."
(...)
India has said it will protect ONGC's interests under the sale of Cairn India's assets to Vedanta.

Ca reste difficile à conclier ces objectifs, sauf si l'Etat indien rembourse 70% à 100% des taxes payées par ONGC sur le gisement du Rajahstan

[phili675]

18 FEB, 2011, 08.29PM IST,PTI
No compromise with national interest for Vedanta deal: Reddy

StoryComments

Read more on »vedanta resources|jaipal reddy|cairn india


Cairn India Ltd.
BSE
316.10
-01.23%-03.95
Vol:298847 shares traded
NSE
316.10
-01.10%-03.50
Vol:2442539 shares traded
Prices|Financials|Company Info|Reports
NEW DELHI: Refusing to be cowed by pressure being brought on him, Oil Minister S Jaipal Reddy on Friday said the decision for mining group Vedanta Resources' $ 9.6 billion buyout of Cairn India will be taken "quickly" by the Cabinet without "sacrificing" on national interest.

While the oil ministry was trying to sort out contentious issues around Cairn's main asset, UK's Prime Minister wrote to his Indian counterpart seeking an early favourable decision.

"While (such) pressures are natural, we have to address our concerns," Reddy said acknowledging that David Cameron had written to Prime Minister Manmohan Singh on the deal.

Also, UK's Cairn Energy, which is selling most of its 62.4 percent stake in the Indian unit to billionaire Anil Agarwal run mining group, is hard pressing for a decision by this weekend so as to conclude the transaction by April 15.

Cairn Energy Plc CEO Bill Gammell followed up a February 15 letter, that sought a decision by February 20, with a meeting with Reddy on Friday, the second in as many weeks.

"I told them (Gammell and Cairn India CEO Rahul Dhir) that we are tying to deal with questions as quickly as possible. The matter (is being) taken to the Cabinet and Cabinet will be looking at the question very quickly, in a timeframe of 3 weeks," Reddy said.

The issue at hand is Oil and Natural Gas Corp's (ONGC) liability to pay royalty and cess on behalf of Cairn India in the giant Rajasthan oilfield. The ministry is pushing for an equitable sharing of the liability so that the state-owned firm does not make losses on the fields.

Gammell on his part said his firm will not go back to its shareholders seeking an extension of the April 15 deadline by which the transaction is to conclude and expected "satisfactory" movement forward.

Following the government nod, Vedanta group is to make an open offer for buying up to 20 percent shares from minority shareholder of Cairn India, a process that will take minimum one month.

"There are issues relating to royalty and cess. We cannot sacrifice our position completely just to facilitate the deal," Reddy said.

He said while India's image as investor friendly country has to be protected, Cairn "should be able to accommodate" the three weeks time that Cabinet will take to decide.

Cairn had initially rejected the need for government nod for the deal but eventually relented and made a conditional application on November 23, more than three months after the deal was announced.

The applications were not made under any clause of the Production Sharing Contract (PSC) and outrightly rejected the pre-emption rights of ONGC , which has stake in 8 out of the 10 properties held by Cairn India in the country.