Slaughter and May and regional firms KhattarWong and Tumbuan & Partners are advising on Borneo Lumbung Energi & Metal’s proposed $1 billion acquisition of a 23.8% stake in LSE-listed coal miner Bumi from Long Haul Holdings and debt-laden family-run Indonesian conglomerate Bakrie, which is currently attempting to avoid a loan default.
The total cash consideration of $1 billion valued Bumi’s shares at approximately 10.91 pounds each at the date of the announcement, translating to a 6 percent premium to the last 6-month volume-weighted average price, said Reuters. Bumi is Bakrie’s joint venture with London financier Nathaniel Rothschild.
Borneo Lumbung produces coking coal to make steel, while Bumi mines thermal coal used to generate power.
London-based Slaughter and May partners Nilufer von Bismarck and Paul Dickson are advising the buyer. The KhattarWong team, which is acting as Singapore counsel, is being led by partner Perry Yuen, who is assisted by Peal Lim and Ng Yeow Khoon, while Tumbuan & Partners is acting as Indonesian counsel. Berwin Leighton Paisner is acting on behalf of the sellers. ALB
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