Jul 26, 2010

BRI to acquire Bank Agro at Rp110

PT Bank Rakyat Indonesia Tbk (BRI), one of state-owned bank, is reported to buy up to 80% stakes in PT Bank Agroniaga Tbk (AGRO) at Rp100-Rp110 per share, 53.19% lower than last week's closing level at Rp235 per share.
In return, Bank Agro stock price today has dropped 12.20% to Rp180 per share from last week's closing level.
"After prolonged negotiation with Bank Agro's share holder, BRI has determined to acquire Bank Agro at Rp100-Rp110 per share," a source quoted by Bisnis Indonesia today.
Considering the acquisition price, BRI will spend Rp272 billion-Rp299 billion to buy Bank Agro. BRI's Corporate Secretary M. Ali declined to comment on the acquisition price.

Disclosure: No position at the stock mentioned above. 

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