PTBA quits Bumi acquisition plan
Tuesday, November 25 2008 - 08:20 AM WIB
State coal mining firm PT.Tambang Batubara Bukit Asam said it had decided to break its partnership with investment firm Northstar Pacific Partners Ltd to acquire 35 per cent of the country's largest coal producer PT Bumi Resources, CEO Soekrisno said on Tuesday.
Soekrisno said the company decided to quit the consortium as Bumi?s shares price had fallen considerably below the agreed price of Rp.2, 100 per share.
Soekrisno added that Northstar is still keen to pursue the deal.(denny/bernard)