Cairn Energy has moved higher on reports it could sell the residual stake in its Indian business.
Mining group Vedanta Resources bought the bulk of Cairn's shares in the subsidiary in 2010 and, with a subsequent open offer to other shareholders, took its stake to 58.77% at a cost of nearly $9bn. Cairn held on to 10%, but Vedanta is now reportedly in talks to buy out Cairn completely.
In the market Cairn is up 5.8p at 265.2p while Vedanta has risen 7p to £11.18.
