Cairn Energy is bid target
A LEADING US corporate raider has been building a stake in Cairn Energy as speculation mounts that the FTSE 250 oil and gas explorer could be a bid target for its Indian spin-off.
Cairn has interests in the North Sea, the Mediterranean, Greenland and Norway
David Einhorn, who runs the £5 billion hedge fund Greenlight Capital, has fuelled speculation of a shake-up at £1.6billion Edinburgh-based Cairn after taking his holding to 3 per cent.
Cairn has interests in the North Sea, the Mediterranean, Greenland and Norway.
It also retains a 10 per cent stake in its former Indian operations having sold a majority interest to mining giant Vedanta Resources two years ago.
Cairn India is thought to be facing pressure from investors to use its $2.6billion (£1.7billion) cash pile to bid for its former parent.