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Cairn Energy Extends Vedanta Deal Deadline Again

  •   Thu, May 19 2011 12:58:46 PM

New Delhi, May 19 (PTI) Edinburgh-based Cairn Energy Plc today said it has for the second time extended the closing date for the sale of a majority stake in its Indian unit to Vedanta Resources in order to secure the necessary government approvals.

Cairn, which had previously threatened that the USD 9.6 billion deal would fall through if not closed within the deadline approved by its own and Vedanta shareholders, did not state what the new deadline for closing the transaction will be.

April 15 was the original deadline for closing the transaction, which was originally announced on August 16. It was extended to May 20 and a day before even that deadline expires, the two firms have now agreed to extended it by an unknown period.
  

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