UK-listed explorer Cairn Energy could garner $8.5 billion - or $7.4 billion after-tax - on the sale to Indian mining group Vedanta Resources of majority control of India-listed Cairn India, the Cairn subsidiary developing the onshore Rajasthan oil fields with which Cairn made its name and in which it now owns 62.4% (IOD Aug.16,p2). Cairn Energy will use the proceeds both to fund its ongoing exploration campaign off Greenland and reward shareholders with a “substantial” cash return - which analysts expect to run to several billion dollars.
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