No Rothschild?s proposal to counter Bakrie?s plan: Bumi Plc
Saturday, November 3 2012 - 04:20 AM WIB
London-listed Bumi Plc has denied news that it has received a proposal from founder and a shareholder Nat Rothschild in a bid to counter a US$1.4 billion proposal by the Bakrie family to strip the firm of its Indonesian assets; Bumi Resources and Berau Coal Energy.
News reports circulated on Friday saying that financier Nat Rothschild is in talks with Indonesian investors, including contender for the country's presidency Prabowo Subianto, to try to provide an alternative to Bakrie?s plan on dismantling Bumi Plc?s ownership in the two Indonesian giant coal miners.
The reports also said that discussions were being held with his brother, Hashim Djojohadikusumo, who owns the Arsari group of companies and is a player in agriculture and tin mining.
The reports have triggered movement in Bumi Plc?s share in London. Responding this, Bumi Plc has submitted a statement to the London Stock Exchange denying the news.
?Bumi plc notes the movement in its share price following a number of articles in the media on a possible proposal from Nat Rothschild. Bumi Plc confirms that it is not in receipt of any such proposal,? it said.
The Bakrie family has previously submitted a proposal to Bumi Plc amid a souring relationship with Rothschild.
Under the proposal, the Bakrie aims to swap their Bumi Plc shares for part of the 29 percent of Bumi Resources held by Bumi Plc, acquire the rest of the stake for cash, and then buy Bumi Plc's 85 percent stake in Berau.
Editing by Dadan Wijaksana