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The Mint Report for 11 October 2010

The Mint Report for 11 October 2010
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First Published: Tue, Oct 12 2010. 12 17 AM IST
Updated: Tue, Oct 12 2010. 12 17 AM IST
New Delhi:Starting with the Vedanta-Cairn deal, at a press conference on Monday Vedanta chairman Anil Aggarwal said the open offer price for Cairn India’s minority shareholders remained unchanged.That statement came after reports that said Vedanta was looking at offering them the same price it offered Cairn Energy. Under the proposed deal Vedanta will pay Rs405 for every share it buys from Cairn and Rs355 for every share from minority shareholders.
Also at Monday’s press conference, Cairn Energy’s Bill Gammell said the two companies were still waiting for a number of regulatory approvals to come through. He also apologized for news of the proposed deal leaking out before the government was informed.
Meanwhile, shares of Cairn India climbed more than 2% on the BSE on Tuesday, ending the day at Rs345.
The promoters of Fortis are all set to make a fresh foreign acquisition. The Singh brothers have agreed to buy the healthcare assets of the company Quality HealthCare Asia. They will purchase those assets from the Hong Kong based firm for $195 million.The acquisition will be made by a separate company called Fortis Global Healthcare Holdings, which the Singh brothers control.
Earlier this year, Fortis Healthcare had tried and abandoned an attempt to pick up a controlling stake in Singapor’s Parkway.Shares of Fortis closed 1.3% higher on the BSE at Rs173.30.
Here’s how Indian markets did on Monday.The Sensex gained 90 points to close at 20,340. And the Nifty went up 32 to finish at 6,136.
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First Published: Tue, Oct 12 2010. 12 17 AM IST
More Topics: Vedanta | Cairn | Anil Aggarwal | Bill Gammell | Fortis |