(EnergyAsia, April 25 2011, Monday) — Malaysia’s state-owned oil and gas firm Petronas said it has agreed to sell off its 14.94% stake in Cairn India Limited to India’s Vedanta Group for about US$2.1 billion.
Sesa Goa, a Vedanta subsidiary, is offering to buy Cairn India shares from minority shareholders for 335 rupees per share. The offer closes on April 30. (US$1=44 rupees).
The Malaysian firm’s overseas arm, Petronas International Corp, holds about 283.4 million shares or about 15% in Cairn India, which it accumulated from 2006 to 2009.
“The transaction brings to a close a successful association as a shareholder with Cairn India since 2006,” Petronas said in a statement.
Edinburgh-based explorer Cairn Energy owns a 62.37 stake in Cairn India.
Last August, Vedanta had offered to buy up to 60% of Cairn India which could cost as much as US$9.6 billion.