Sep 8, 2010

Glencore and Bumi Resources stocks

Holding company of Bakrie Group PT Bakrie & Brothers Tbk (BNBR) today finally reveals its share swap transaction agreement with Glencore International AG worth US$200 million. Bakrie and Glencore has signed the swap agreement on June 26 2010.
In Bakrie & Brothers' financial statement, Glencore will use US$200 million to buy PT Bumi Resources Tbk (BUMI) stocks within 2 years. In return, Bakrie & Brothers has rights to buyback BUMI stocks.
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Disclosure: No position at the stock mentioned above.  

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