Berau still negotiate with Indika

Owner of PT Berau Coal Rizal Risjad had final negotiation on the offering price with PT Indika Energy Tbk as the ongoing process.
Management of PT Quattro Inti Investama, the company used by business owner from Surabaya Kentjana Widjaja to acquire 90 percent shares of Berau, claimed not to have any further notice from Berau.
Similarly with Quattro, PT Indo Tambangraya Megah Tbk and PT Recapital Advisors also wait for the result of offering price in the past.
Four buyer candidates of Berau expressing the offering price include Indika, Quattro Investama, Indo Tambang, Thailand coal company unit, Banpu Plc, and Recapital Advisors.
Indika established a consortium with Korea Electric Power Corporation (Kepco) and Capital Goup Companies, and Quattro with Daesang, a South Korean firm. Recapital is said to get backup from Bumi Resources and Indo Tambang supported by Banpu.
As from the four buyer candidates expressing the offering price, Recapital is on top with US$1.45 billion with a combination of cash payment and shares swap. Despite the top offer, Recapital might not be called but it uses the price offer here to lure higher bid from other buyers.
Indika offered US$1.15 billion for the 90 percent Berau shares. However, the tycoon Sudwikatmono company here has got loan commitment from some banks.
Bank credit facility will be used to pay Berau bonds if Indika wins the bid for the acquisition of the five largest coal firm in Indonesia. Berau Coal should pay US$294 million bonds issued in December 2006 if there is change of the ultimate shareholder.
My source said Quattro gave offering price at US$1.2 billion for the 90 percent Berau shares.
So, Indika is called by Rizal to increase the offering bid closing that of Recapital offer, US$1.45 billion.
Commissioner of Quattro Heru Tjahjo Pramono decline to comment when i try to confirm that information.
CEO of Recapital Rosan Perkasa Roeslani also claimed not to have any call from Berau. He did not have any idea on the other buyers negotiation to increase the price bid. "They might be called for rising the offer."