Antam strive to acquire Inalum

The Indonesian government wants to buy all the shares of aluminum smelter PT Indonesia Asahan Aluminium (Inalum).

The government may ask PT Aneka Tambang, a state-owned nickel and gold producer, to buy the shares in the unlisted company. Aneka Tambang would fund the purchase from loans and internal cash.
Tokyo-based Nippon Asahan Aluminium (NAA) controls 58.9 percent of Inalum, with its holding valued at $726 million, with the Indonesian government owning the rest. The government began preliminary talks on the future of Inalum with Nippon Asahan Aluminium in May.

Inalum was set up under a build, own and transfer contract, which expires in 2013. The government has presented Inalum with two options — that it would seek 100 percent ownership, or that it would buy a majority stake and NAA could continue to be involved as a minority partner. Inalum posted a net profit of $121 million for the 2008 fiscal year.