Vedanta edges towards Cairn takeover, loan

Vedanta Resources is nearing the end of a year-long battle to acquire Cairn Energy’s Indian assets, after the government gave the deal conditional approval at the end of last week. Bankers are now rallying to close a $2.97bn loan — the final part of a three-pronged financing strategy — so that Vedanta can wrap up the deal by the end of the month.