Vallar to Buy Bumi Minerals for $2.1 Billion to Add Deposits

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 mines and an 18 percent stake in Indonesia’s second-largest copper project.

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. It will fund the deal through an issue of a convertible bond to parent company PT Bumi Resources Tbk with a 2 percent coupon and a 1,588 pence initial conversion price.