Sep 7, 2010

Glencore uses US$200 mio to buy BUMI

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.
Referring to the agreement, 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.

I have written the story of Glencore and Bumi Resources at my private blog. Please login to read the article
Disclosure: No position at the stock mentioned above. 

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