Corporate round up - Economic Times

Vedanta Resources agreed to buy as much as 60% of oil & gas explorer Cairn India for $9.6 billion, opening a window of profits in an energy-deficient market, but its billionaire head, Anil Agarwal, may have to cross a few hurdles before he creates a mini-BHP Billiton.

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London-listed Vedanta would pay a total of about $8.5-9.6 billion for Cairn India, along with mining unit Sesa Goa, raising concerns that minority holders at Sesa are being dragged into an unrelated venture to fulfil Mr Agarwal’s dream.

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Vedanta proposes to buy as much as 40% of the company from Cairn UK at 405 a share, including Rs 50 a share as non-compete fees. It may raise $6.5 billion in debt, from banks led by Standard Chartered, for the deal. The deal may close by the first quarter of 2011, before which it has to convince many about the benefits, including the oil ministry, partner Oil & Natural Gas Corporation (ONGC) and Sesa shareholders.

Corporate round up - Economic Times