Bumi Says $500 Million Deal for Bakrie Exit Nears Completion
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Bumi Plc, the Indonesian coal producer at the center of an ownership dispute, is close to completing a deal valued at more than $500 million to sever its ties with co-founders the Bakrie Group after relations soured.
Bumi, noting recent press reports, said it’s near an accord to sell 29.2 percent of PT Bumi Resources to one of Indonesia’s wealthiest families as part of a nine-month-old plan to unwind an investment. At the same time, a group controlled by Bumi Chairman Samin Tan is in talks with the Bakries to buy their 23.8 percent of London-listed Bumi, it said in a statement.