Indonesia’s Bakrie family agrees terms of Bumi split

Indonesia’s politically connected Bakrie family has agreed to a US$640 million deal to sever ties with coal miner Bumi Plc, all but ending their ill-fated London adventure after two years of bitter boardroom battles.

Last October, as tensions between shareholders escalated, the family announced they planned to draw a line under the London deal. They then proposed a US$1.4 billion deal to buy back with shares and cash the coal assets they brought into the company, set up with financier Nat Rothschild in 2010.

via Business feed http://www.scmp.com/business/companies/article/1149255/indonesias-bakrie-family-agrees-terms-bumi-split