Huaneng & Siam Cement cancel plan to buy Berau

Huaneng Power International and Siam Cement were said to walk out form the acquisition process of 90 percent shares of the holding company of PT Berau Coal, the fifth largest coal producer in Indonesia.
Huaneng is the largest public power company in Chinal and Siam Cement is the largest cement producer in Thailand having business units in petrochemical, paper and packaging, building product and distribution.
Huaneng and Siam Cement were not available for comment on the Berau acquisition scheme by email sent last week.
Some 51 percent of Berau shares are owned by PT Armadian Tritunggal, a company with almost full ownership of Rizal through PT Risco. The remaining 30 percent is owned by Rognar Holding B.V. and 19 percent by Sojitz Corporation from Japan.