Vallar, the cash shell founded by financier Nat Rothschild, is paying $3bn to create a mining company that will see Indonesia’s powerful Bakrie family debut with a London listing for their interests.
A new company bundling together the assets of two Indonesian groups and the shares of Vallar will be listed in London as Bumi Plc. Shares in Vallar, which raised £700m ($1.1bn) in a public flotation in July, will be suspended.
The new company, which will be the largest foreign supplier of thermal coal to China, is paying $1.58bn for 75 per cent of Berau Coal Energy, the fifth-largest producer in Indonesia, comprising $739m in cash and 52.3m shares priced at £10 each.
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