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.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE