China Shenhua plans $4 bln bid for Adaro: Report
Monday, November 26 2007 - 05:16 AM WIB
China's biggest coal producer, China Shenhua Energy, is planning a US$4 billion acquisition for a controlling stake in an Indonesian number two coal producer PT.Adaro Indonesia, the South China Morning Post said Monday.
China Shenhua was asked earlier this year to buy a small stake in Adaro Indonesia ahead of its 750 million US dollar listing on the Jakarta bourse next year, the newspaper was quoted by Thomson Financial as saying, citing unnamed sources.
"They were holding out for more," the report quoted one of its sources as saying.
Adaro Chairman Edwin Surjadjaja when contacted by Dow Jones said he was not aware of Shenhua's intention. (*)