PT Borneo Lumbung Energi & Metal Tbk - Acquisition of interest in Bumi plc for US$1 billion

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Slaughter and May is advising PT Borneo Lumbung Energi & Metal Tbk, the Indonesian-listed coking coal producer, on its proposed acquisition of an effective economic interest of approximately 23.8% in Bumi plc from PT Bakrie & Brothers Tbk and Long Haul Holdings Limited. Bumi plc is a leading natural resources group listed on the London Stock Exchange. The total consideration for the acquisition is US$1 billion which is expected to be financed through a US$1 billion loan provided by Standard Chartered Bank.

The acquisition was announced on 1 November 2011 and, subject to shareholder, regulatory and other approvals, is expected to complete in December 2011.

Corporate: Nilufer von Bismarck (partner), Paul Dickson (partner), Chris Bulger (associate), Richard Marron (associate); Financing: Matthew Tobin (partner), Stephen Fishbourne (associate), Peter Lake (partner), Michelle Chan (associate); Tax: William Watson (partner)