London-based publicly listed Vallar Plc, founder by Rothschild family, has agreed to purchase 75% of PT Berau Coal Energy Tbk and 25% of PT Bumi Resources Tbk with consideration of approximately US$3 billion made up of a combination of cash and share swap mechanism.
The acquisition is in a bid to maximise the potential of the largest coal producing assets in Indonesia, have exposure to the largest and fifth largest Indonesian coal producers by production of 78 million tons in 2010.
Vallar will pay US$1.58 billion for 75% stake or Rp540 per share in Berau Coal Energy to Bukit Mutiara.About US$739 million cash consideration for 35% stake of Berau (US$639 million will be paid to Mutiara shortly after the signing of the Berau Transaction with the balance being subject to the escrow arrangement described below).
About 52.3 million new Vallar Shares, issued at a value of £10.00 per Vallar Share, in consideration for 40% of BerauConsideration of 90.1 million new Vallar Shares, issued at a value of £10.00 per Vallar Share, for 25% of Bumi from the Bakrie Group (comprised of approximately 62.7 million new ordinary shares and 27.4 million new suspended-voting ordinary shares).
Vallar will change the name to Bumi Plc. Credit Suisse become a financial advisors for PT Bukit Mutiara and PT Bakrie and Brothers Tbk.
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