Miner Bumi receives offer from Rothschild

Tue, Nov 6, 2012, 00:00

Miner Bumi has received details of a proposal from co-founder Nat Rothschild that would provide an alternative to a $1.4 billion plan outlined by the Bakrie family to dismantle the coal mining venture.

Bumi, founded two years ago by Rothschild and the politically connected Bakries, said yesterday its independent directors and advisers would consider the proposal.

They would not make any recommendation until an independent investigation into alleged financial wrongdoing at its Indonesian operations was “appropriately advanced”.

Bumi’s board is receiving advice from investment bank Rothschild, which is not directly related to Nat Rothschild. Yesterday’s statement gave no detail of the new, alternative proposal, restricted by confidentiality agreements. – (Reuters)