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This is an archive article published on August 24, 2010

Vedanta-Cairn deal: ONGC to veto

ONGC may have the last word in the controversial Vedanta-Cairn deal...

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India8217;s state-run Oil and Natural Gas Corp ONGC,should have the last word in the controversial Vedanta Resources8217; proposed acquisition of Cairn India,Trade Minister Anand Sharma said.

It is a major decision. These are national resources,Sharma told reporters.

Government sources said on Monday a counter-bid for Cairn India led by state firms cannot be ruled out.

Shares in explorer Cairn India,which is a target of a takeover by Vedanta Resources,rallied more than 3 percent on Tuesday boosted by expectations for a counter-bid by Indian state firms.

Last week,India focused miner Vedanta said it had agreed to spend up to 9.6 billion to buy a majority stake in Cairn India from its UK-based parent Cairn Energy.

 

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