Oct 20, 2011

Bumi Resources & Berau to merge?

PT Bumi Resources Tbk (BUMI) has declared that it doesn't has any plan to merge with PT Berau Coal Energy Tbk (BRAU).
According to Director Dileep Srivastava, as quoted by Kontan daily today, there is no intention for Bumi to merge with Berau Coal. "It is not true. We don't have any intention to merge with Berau," he said.
Telegraph daily yesterday reported that Bumi Plc, a London-based company that was founded by Nathaniel Rothschild, intends to set a merger for Bumi Resources and Berau Coal. The merger speculation emerged after Bumi Plc announced to scrap the takeover on 75% stake in PT Bumi Resources Minerals Tbk (BRMS). 
Telegraph reported that the marger is estimated to have value of 4 billion pound sterling. Bumi Plc currently is holding 29% stake in Bumi Resources and 85% stake in Berau Coal Energy.
Disclosure: No position at the stock mentioned above.

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