<div>Britain's Cairn Energy Plc is set to vote against Vedanta Ltd's $2.3 billion buyout offer for Cairn India's minority shareholders, the Financial Times said on Wednesday, citing people familiar with the situation.</div><div> </div><div>Cairn Energy's objections were over "fundamental disagreements over valuations", and its preference for "holding an investment in an energy company rather than a distributed resources group," the newspaper said, citing one person with direct knowledge of the matter.</div><div> </div><div>News of Cairn Energy's objections comes a day after Cairn India chief Mayank Ashar said the merger was on track.</div><div> </div><div>Spokespeople for Vedanta and Cairn India could not be immediately reached for comment outside business hours.</div><div> </div><div>A spokesman for Cairn Energy said the company had no comment on the report.</div><div> </div><div>Ex-parent Cairn Energy is the single largest minority shareholder in Cairn India in which Vedanta already has a 59.88 percent stake.</div><div> </div><div>State-owned insurer Life Insurance Corp (LIC), Cairn India's second-largest minority shareholder, and which together with Cairn Energy controls about 19 percent of the Indian company, had earlier expressed reservations about the deal.</div><div> </div><div>The deal is being seen by many as a test for India's new shareholder protection law, which requires an approval of more than half of the minority shareholders to go through.</div><div> </div><div>(Reuters)</div>
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