ONGC deliberately decided not to bid for Cairn: ONGC chief
September 23rd, 2010 - 8:01 pm ICT by IANSNew Delhi, Sep 23 (IANS) The state-run ONGC has said it “consciously” did not counter-bid for Cairn India after Vedanta Resources made a multi-billion dollar offer for a majority stake.
“If ONGC did not make an offer, that was done consciously,” ONGC chairman and managing director R.S. Sharma told reporters here Thursday.
London-listed Vedanta had made an offer of $9.6 billion to buy the stake of Cairn Energy in its India branch, Cairn India. ONGC, with a 30 percent stake in Cairn’s Rajasthan block, has a right to first refusal of Cairn India’s assets.
“That has been a conscious decision considering all legal aspects, considering all commercial aspects and the interest of the company,” he reiterated.
As per regulations, Sep 7 was the deadline for making a counter-offer for Cairn India, but ONGC could still exercise pre-emption right before Cairn Energy’s extraordinary general meeting on Oct 7.
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Tags: assets, cairn energy, cairn india, commercial aspects, conscious decision, extraordinary general meeting, first refusal, india branch, legal aspects, london, majority stake, managing director, New Delhi, oct 7, ongc, percent stake, rajasthan, vedanta resources