San Miguel confirms intention to buy Adaro stake
Monday, May 4 2009 - 09:10 AM WIB
Philippines Food and beverages producer San Miguel Corporation confirmed on Monday that it was talks with Goldman Sachs to buy a stake worth about $500 million in Indonesian Exchange-listed energy firm PT Adaro Energy.
?We confirm that the Company has been offered by Goldman Sachs to consider a potential investment in Adaro Energy. An appropriate disclosure will be made once a definitive agreement has been reached, ?the company said in a disclosure report to the Philippines Stock Exchange.
Goldman Sachs, Citigroup and hedge fund Farallon were looking to sell around 17% of Adaro Energy to strategic investors, sources told Reuters earlier this month. (denny)