Vallar Advances Most Since Listing After Bumi Proposal

Vallar Plc, seeking to complete a $3 billion Indonesian coal acquisition next year, advanced the most since listing in London in July in the first trading day since announcing the proposal last month.

Vallar rose 8 percent to a record 1,050 pence by the 4:35 p.m. close in London. The company, based in Jersey, Channel Islands, raised 707.2 million pounds ($1.1 billion) in an initial public offering at 1,000 pence a share. The stocks had been suspended since Nov. 16.

Last month, Vallar, co-founded by Nathaniel Rothschild and former Anglo American Plc executive James Campbell, agreed to invest $3 billion in two Indonesian coal companies, PT Bumi Resources and PT Berau Coal Energy. Vallar, to be renamed Bumi Plc, is seeking to complete the transaction by April.

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