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Bakries threaten to withdraw Bumi plan if Rothschild returns
January 14, 2013 / 3:16 PM / 5 years ago

Bakries threaten to withdraw Bumi plan if Rothschild returns

LONDON, Jan 14 (Reuters) - Indonesia’s influential Bakrie family said on Monday they could withdraw their plans to exit Bumi Plc, the London coal miner co-founded with Nat Rothschild, if the financier pursues plans to return to the board.

The Bakries - who indicated in October they planned to unwind the venture as relations between shareholders became increasingly acrimonious - also said they would use “all legal means” to enforce an agreement that allows them to appoint key Bumi positions, including the chairman and chief executive.

Rothschild last week called for a shareholder meeting to vote on a proposal which could oust 12 of 14 board members, bringing in a new board including himself.

“(The Bakrie family) will seriously consider the withdrawal of its offer in the event that Mr. Rothschild follows through his proposal to change the board or indeed if the company fails to honour all obligations under the relationship agreement,” the Bakries said in a statement.

“Alternatively, we would be content to remain at Bumi Plc if the shareholders do not vote for a separation.”

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