Latham, Shepherd and Wedderburn lead on $9.6bn Indian oil buyout
Latham & Watkins and Shepherd and Wedderburn have lined up alongside two Indian law firms on the $9.6bn (£6.1bn) acquisition of a majority stake in oil company Cairn India by Vedanta Resources, India's largest mining company. Vedanta is looking to purchase between 51% and 60% of Cairn India, which is 62% owned by the Edinburgh-based FTSE 100 oil firm Cairn Energy.
August 18, 2010 at 04:19 AM
2 minute read
Latham & Watkins and Shepherd and Wedderburn have lined up alongside two Indian law firms on the $9.6bn (£6.1bn) acquisition of a majority stake in oil company Cairn India by India's largest mining company.
Vedanta Resources is looking to purchase between 51% and 60% of Cairn India, which is 62% owned by the Edinburgh-based FTSE 100 oil firm Cairn Energy.
Latham is advising Vedanta on English law with a team including London corporate partners Graeme Ward and Rory Negus and Asia partners David Miles and Rajiv Gupta. Clifford Chance alliance firm AZB & Partners is advising on Indian law, fielding a team led by partners Shuva Mandal and Essaji Vahanvati..
Scots firm Shepherd and Wedderburn is acting for Cairn India with a team including corporate finance partners Paul Hally and Stephen Trombala.
Delhi-based firm S&R Associates is advising Cairn on Indian law with partner Uday Walia taking the lead role.
Negus said: "Historically we have had strong connections with India in capital markets and through our Middle Eastern offices, and this is definitely the start of a financially healthy economy looking to create more M&A activity.
"Apart from its size, which is obviously significant, the speed at which the deal was implemented and the general ability of all of the parties and advisers to proceed in a focused and determined manner was very satisfying."
The role for Latham comes after the US firm yesterday (17 August) announced that it has advised on Intesa Sanpaolo's $1bn (£642m) bond issue as the Italian bank gears up for a potential $15bn (£9.6bn) bond offering.
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