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...Bumi, formerly known as Vallar, was created in November 2010 out of a $3bn reverse acquisition of a 25 per cent stake in Bakrie-held Bumi Resources and a 75 per cent stake in Berau Coal Energy....
...“The most important thing is they have extensive Vallar-Bumi assets and have shown willingness to divest assets....
...Bumi said four months ago it would issue $2bn in convertible bonds to buy a 75 per cent stake in BRM, to broaden the portfolio of the company, formerly known as Vallar....
...Bumi, formerly known as Vallar, was established by Mr Rothschild to create a London-listed resource company tapping into surging demand from China and India....
...However, the Bakries’ voting shares in Vallar will remain fixed at 29.9 per cent....
...The assets form the core of London-listed Vallar, the Rothschild vehicle soon to be renamed Bumi....
...Vallar said it hoped combined production would nearly double to 140m tonnes by 2013....
...The travails of Fidelity’s Anthony Bolton show that China can be a tough market, even for City investment veterans....
...Shares in Vallar, which raised £700m ($1.1bn) in a public flotation in July, will be suspended. “The name Vallar will cease to exist, but I will be a large shareholder,” Mr Rothschild said....
...Christopher Thompson is an FT UK companies reporter and Anthony Deutsch is Jakarta correspondent ………………………………………….....
...The two men know each other well and any venture could be modelled on Vallar, the natural resources fund Mr Rothschild listed in London last year, according to people familiar with the situation....
...Bakrie Group will become the largest shareholder in Vallar, with a 43 per cent stake, and will have the right to nominate three directors. Vallar will be renamed Bumi plc....
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