“…sold for a song by accident-prone Royal Dutch Shell yielded Cairn one of the country’s largest-ever finds and catapulted it into the FTSE 100.”
SUNDAY TELEGRAPH
Cairn shareholders set for £1bn windfall when Indian oil fields are sold to Vedanta
Shareholders in Cairn Energy are in line for a windfall of at least £1bn, with the oil explorer close to completing a £5bn deal to sell its giant Indian oil fields to Vedanta Resources.
By Rowena Mason
Published: 10:58PM BST 14 Aug 2010
The Greenland explorer may confirm the move to sell a 51pc stake to London-listed Vedanta as early as today, after last-minute talks throughout the day yesterday.
Sir Bill Gammell, the chief executive of Cairn, would receive a minimum of £2m from his 0.2pc stake in the explorer if the pay-out were as low as £1bn.
Most investors expect the amount of money given back to them to run into multiple billions, however. The final cash return has not yet been finalised.