Arab Today, arab today bumi favours bakrie offer over rothschild\s
Last Updated : GMT 10:50:47
Arab Today, arab today
Arab Today, arab today

Bumi favours Bakrie offer over Rothschild\'s

Arab Today, arab today

Arab Today, arab today Bumi favours Bakrie offer over Rothschild\'s

Jakarta - AFP

Coal miner Bumi Plc said Thursday it will likely side with Indonesia\'s powerful Bakrie family in a tussle with British tycoon Nathaniel Rothschild for control of the country\'s lucrative mines. The Bakries -- who control the Jakarta-listed Bumi Resources -- have offered to sell their 23.8 percent stake in Bumi Plc and split from the company in return for control over several key mines in Indonesia. \"The infighting has gone on too long and a separation from Bumi Resources is what everyone wants, including both the Bakries, Nat Rothschild, as well as the majority of our independent shareholders,\" investor relations head Nick von Schirnding, told AFP. After a board meeting on Wednesday, London-listed Bumi Plc released a statement saying it was \"working towards a transaction which separates the Bakrie Group from the company and divests the minority interest in Bumi Resources\". Rothschild\'s NR Investments said in a statement it would \"continue to explore all possible avenues to achieving proper corporate governance at the PLC and its companies\". \"We are disappointed that the board has not backed our alternative proposal regarding the future of the company,\" the statement said, adding that the board had \"ignored the stated wishes of minority investors\". If the Bakries\' proposal is accepted, the Bakrie Group would take away around a third of its 29 percent stake in Bumi Resources, Asia\'s biggest thermal coal producer, and buy the rest for $278 million leaving them completely divested. The Bakrie Group has also offered to buy Bumi\'s Berau Coal, Indonesia\'s fifth-biggest coal mine, also eyed by Rothschild. Bumi, however, said it has no intention to sell Berau. Bumi Plc was co-founded by Rothschild and the Bakries in 2011 in a bid to become one of the biggest global players in the coal industry and leverage Indonesian coal firms, including Bumi Resources, to London. The Jakarta-listed Bumi Resources is the country\'s biggest thermal coal miner and is and is the heartbeat of Bakries\' business empire. The rift peaked last year when Bumi ordered an independent probe into allegations concerning potential financial irregularities in Bumi Resources, which was followed by the Rotshchild\'s resignation and one of the Bakrie brothers from the board. The board said it could not recommend a course of action until the probe ended. The Bakries have blamed Rothschild over the battle that has caused Bumi to see its share slumped more than 70 percent this year. \"We find it extraordinary that Mr Rothschild continues to blame others while refusing to accept that he alone is responsible for this financial bloodbath,\" a Bakrie Group Senior Vice President, Chris Fong, said. \"His outrageous hunger for complete control over these assets are his own undoing, he now needs to stand up and accept that we have all had enough of his baseless ranting,\" Fong said.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bumi favours bakrie offer over rothschild\s Arab Today, arab today bumi favours bakrie offer over rothschild\s

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bumi favours bakrie offer over rothschild\s Arab Today, arab today bumi favours bakrie offer over rothschild\s

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today unveils Joon - the 'millenials' airline

GMT 13:36 2017 Saturday ,23 September

unveils Joon - the 'millenials' airline
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Iran tests new medium-range missile

GMT 21:24 2017 Saturday ,23 September

Iran tests new medium-range missile
Arab Today, arab today North Korea 'more opaque'

GMT 10:50 2017 Sunday ,24 September

North Korea 'more opaque'
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today 'Lady Beast' fights for girl gamers

GMT 10:27 2017 Sunday ,24 September

'Lady Beast' fights for girl gamers
Arab Today, arab today Psychologists help Mexico deal

GMT 05:05 2017 Sunday ,24 September

Psychologists help Mexico deal
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Carmakers face billions in European

GMT 12:37 2017 Saturday ,23 September

Carmakers face billions in European
Arab Today, arab today Mercedes pumps 1 bln euros    

GMT 06:04 2017 Friday ,22 September

Mercedes pumps 1 bln euros    
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Big Western brands polluting oceans

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 08:39 2017 Friday ,22 September

New Hurdles as Republicans Rush

GMT 06:49 2017 Friday ,22 September

O'Leary: Could ground more planes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday