Arab Today, arab today bumi favours bakrie offer over rothschild\s
Last Updated : GMT 03:43:57
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.

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 Fadi explains secrets of  Nancy Ajram's newlook

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Zainab al-Maliki reveals herTV presenter models

GMT 18:12 2017 Friday ,24 February

Zainab al-Maliki reveals herTV presenter models

GMT 05:20 2017 Thursday ,23 February

WTO ratifies first multilateral trade deal

GMT 21:36 2017 Wednesday ,22 February

Opec needs to prolong cuts to eliminate surplus

GMT 16:32 2017 Wednesday ,22 February

US Treasury chief tells IMF to monitor currencies

GMT 16:08 2017 Wednesday ,22 February

Qatari banks merger to rebalance financial sector

GMT 05:57 2017 Wednesday ,22 February

Britain risks clash with EU over RBS bailout
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Actress Lobna Abdel Aziz proud of her career

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
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