Jakarta-Bakrie Group sells its 23.8 percent stake in London-listed Bumi Plc, the company along with financier Nathaniel Rothschild, to the coal miner PT.Borneo Lumbung Energi in a deal of U.S. $ 1 billion to avoid a loan default.
PT.Borneo Lumbung Energi to Buy Shares of U.S. $ 1 M

Owner Borneo Lumbung Energy Samin Tan (C) is accompanied by Bobby Gafur Umar, CEO of Bakrie & Bros. (L) speaks at a press conference in Jakarta, November 1, 2011.

Agreement with Borneo, which is supported by Indonesian businessman Samin Tan, will help Bakrie pay off some loans of U.S. $ 1.35 billion and break away from the debt crisis has weighed on the stock price one of the world's largest coal exporter, Bumi Resources.

Agreement between the Bakrie Group and Tan marks the second time in three years that the Bakrie family has struggled together to facilitate the transaction debt.

The deal was sealed after Glencore the Swiss-based,commodities trader the largest diversified in the world, out of the conversation about refinancing loans Bakrie.

It also marked the second time that Tan, a former partner of accounting firm Deloitte, has been negotiating to buy the shares of the Bumi, after failing to reach an agreement daring in 2006.

Tan managed to date, with PT Borneo confirm the agreement in a statement.

It said a total cash consideration of U.S. $ 1 billion of Bumi Plc shares worth about 10.91 pounds each on the date of the announcement. That means premium of 6 percent to 6-month price-volume weight average.

"The biggest piece in this deal have been taken by the Bakrie," said a source with direct knowledge of the deal. "They have lost half their stake in Bumi Plc."