Sunday Papers: Cairn shareholders set for £1bn windfall in Vedanta deal - bid news and gossip

The Sunday Telegraph

* Cairn shareholders set for £1bn windfall when Indian oil fields are sold to Vedanta; the Greenland explorer may confirm the move to sell a 51% stake to London-listed Vedanta as early as today.

* Leading shareholders in insurance group Aviva have criticised the company's management for withholding details of RSA's £5bn bid for its general insurance business.

* Johnny Cameron, the former Royal Bank of Scotland banker blocked from taking up senior positions in the City, has set up his own advisory firm.

* Icap chief Michael Spencer loses £4m after Guy Naggar company collapses.

* Royal Bank of Scotland is facing a new row as the bank's private equity arm closes in on buying a small Manchester-based lender, Whiteaway Laidlaw.

* The Universities Superannuation Scheme, one of Britain's largest pension funds, has risked escalating a row with higher education employees by awarding its investment staff £40,000 bonuses.

The Observer

* Greg Dyke rejects approach over top job at Five; Five's new owner understood to have sounded out former BBC director general about returning to the station he helped launch in 1997.

* BP yet to update emergency plan three months after Deepwater Horizon spill; lawyers say response strategy should have been refiled 15 days after "significant change in worst-case scenario", but BP disagrees.

The Independent on Sunday

* Bank of China beats local lenders to finance £100m luxury London hotel; loan agreement for InterContinental Westminster shows growing attraction of UK for investors.