Deals
Rothschild Quits Bumi to Fight Bakries’ $1.2 Billion Offer
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Nathaniel Rothschild, scion of a centuries-old banking dynasty, intensified a feud with Indonesia’s Bakrie family by quitting the board of their joint coal business and vowing to fight “from outside the tent.”
“I am afraid that I have lost confidence in the ability” of the Bumi Plc board, Rothschild, 41, wrote in his resignation letter to Chairman Samin Tan. Shareholders aren’t being treated equally under last week’s $1.2 billion proposal from the Bakries to unwind a two-year deal that created a London share listing for two Indonesian coal companies, he said.