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Senin, 13 Juni 2011

Vallar Agrees to Buy Bumi Minerals for $2.1 Billion - Bloomberg

June 10 (Bloomberg) -- Vallar Plc, one of two Nathaniel Rothschild investment vehicles, agreed to pay $2.1 billion for 75 percent of PT Bumi Resources Minerals Tbk to add deposits and an 18 percent stake in Indonesia’s second-largest copper mine.

Vallar agreed to pay 850 rupiah a share, or a 22 percent premium to the 30-day average closing price through May 27, for Bumi Resources, the Jersey, Channel Islands-based company said today in a statement. The company will fund the acquisition through an issue of convertible bonds with a 2 percent coupon and a 1,588 pence initial conversion price, it said.

The deal adds a stake in Newmont Mining Corp.’s Batu Hijau copper and gold mine to Vallar’s holdings in Indonesian coal producers PT Bumi Resources Tbk and PT Berau Coal Energy, acquired for $3 billion. Rothschild and former BP Plc Chief Executive Officer Tony Hayward yesterday announced a plan to raise 1 billion pounds ($1.6 billion) in an initial public offering of new investment vehicle Vallares Plc.

The latest acquisition “will give Vallar full exposure to a diversified suite of mining assets ranging from coal to copper and zinc,” Rothschild said today in the statement. The company also plans to boost its stake in coal miner PT Bumi Resources. Indonesia is the world’s largest thermal-coal exporter.

Vallar shareholders in April approved a plan to rename the company Bumi Plc. The company expects to be included in the FTSE 100 Index on the London Stock Exchange, Rothschild said today.

Bakrie Group and Bukit Mutiara received shares in Vallar as part of the Bumi Resources and Berau Coal Energy transactions. Bakrie Group now owns about 54.6 percent and Bukit Mutiara about 13.2 percent, Vallar said in a statement April 8. Vallar raised 707.2 million pounds in an IPO on the LSE in July.

To contact the reporter on this story: Jesse Riseborough in London

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