Jan 16, 2012

Borneo to close Bumi takeover this week?

PT Bakrie&Brothers Tbk (BNBR) expects that it could complete the sale of 23.8% stake in Bumi Plc to PT Borneo Lumbung Energi & Metal Tbk (BORN), led by Indonesian businessman Samin Tan, this week.
As quoted by Kontan today, the delay is a result of conflict between Nathaniel Rothschild and Bakrie Group's shareholder.
BNBR Finance Director Eddy Soeparno said the delay is caused by documentation matters. "On last Thursday, the documentation is completed. We expect to accomplish the deal this week," he said.
Borneo will use a US$1 billion loan facilities arranged by Standard Chartered Bank to finance the acquisition.

Disclosure: No position at the stock mentioned above.

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