RI, Japan consortium delays agreement over Inalum takeover
Friday, November 1 2013 - 07:04 AM WIB
The government of Indonesia and the Nippon Asahan Aluminium (NAA) has delayed signing an agreement for the takeover of PT Indonesia Asahan Aluminium (Inalum) by the former from the latter, Bisnis Indonesia daily reported Friday.
The two sides were supposed to conclude the transaction on Thursday. Minister of Industry MS Hidayat said that both sides decided to delay the signing as they need a few days more for negotiation over the take-over price.
The government has earlier proposed its final offer of US$558 million for the entire 58.8 percent shares in North Sumatra-based Inalum held by NAA, whose 30-year contract in running the aluminum giant, which owns a large hydro power plant and alumina smelter, expired end of October 2013. (*)