Deal Insight
Vedanta to acquire a controlling stake in Cairn India
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
of 21.7%Vedanta Resources is to acquire a 51% stake in Cairn India from Cairn Energy for US$8.48 billion (subject to change, contingent upon the response to a separate offer to other Cairn India shareholders). Under our base case analysis, we value a 51% stake in Cairn India at US$4.27 billion (NPV10, as at August 2010). Although this valuation is based on a 2P reserve figure greater than that reported by Cairn India, it is nonetheless significantly below the purchase price. The ...
Table of contents
- Executive summary
- Transaction details
-
Upstream assets
- RJ-ON-90/1 (Rajasthan)
- Ravva
- CB-OS/2
- Other
- Deal analysis
-
Upsides and risks
- Potential pre-emption by ONGC
-
Strategic rationale
- Cairn Energy
- Vedanta
- Oil & gas pricing and assumptions
Tables and charts
This report includes the following images and tables:
- Deal analysis: Table 1
- Deal analysis: Table 2
- Upside scenario modelling - production and capex assumptions (net Vedanta*)
- Upsides and risks: Table 1
- Oil & gas pricing and assumptions: Table 1
- Oil & gas pricing and assumptions: Table 2
- Upstream assets: Table 1
- Wood Mackenzie base case production and capex forecasts (net Vedanta*)
What's included
This report contains:
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