Cairn, Vedanta may extend deal; stock up

CairnEnergy and Vedanta Resources are expected to extend the April 15 deadline toconclude the $9.6-billion Cairn-Vedanta deal if they don’t have enoughtime for the mandatory open offer to shareholders after the cabinet’sapproval, although Cairn maintained that it is still optimistic about meetingthe cut-off date.

The companies are waiting for the cabinet’sverdict before they approach their shareholders for extending the deadline ifthey need more time, two people with direct knowledge of the matter said. Cairnchief Bill Gammell met the oil secretary on Wednesday.

At 2:10 pm,the stock was at Rs 347.10, up 1.23 per cent on the BSE. It touched a high of Rs347.55 and low of Rs 341.50 in trade so far.

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Cairn, Vedanta may extend April 15 deadline for deal