Rothschild’s buyout firm ups its stake in Indonesian miner
NAT Rothschild’s acquisition vehicle Vallar has completed its tender offer for Indonesian coal miner Berau, boosting its stake in the company to almost 85 per cent.
Vallar bought up 75 per cent of Berau last November, as part of a joint investment with its minor shareholder Bakrie Group, which also saw it take a 25 per cent stake in Bumi, Asia’s biggest thermal coal exporter.
Under the agreement, the Bakrie Group, run by the family of Indonesian politician and tycoon Aburizal Bakrie, is joining Berau Coal with prize asset Bumi in a share swap deal with Vallar.
Vallar lifted its stake in Bumi to 50 per cent late last week, as part of its drive to streamline the business into a new acquisitions-focused holding company that could vie for a spot in the FTSE 100.
The Bakrie group will own 43 percent in the combined London-listed company, named Bumi.
Rothschild announced his intention to float his second acquisition vehicle Vallares, focused on oil and gas assets, last week. He also said that there were “categorically” no plans for further projects.
JP Morgan Cazenove is sole advisor to Vallar and joint broker with Credit Suisse.