Bumi Stake Sale May Hinder Rothschild Bid to Have Board Replaced
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Nathaniel Rothschild’s bid to gain control of Bumi Plc, the coal venture at the center of his dispute with Indonesia’s Bakrie Group, may struggle to win support after a major holder sold a 13 percent stake.
Rosan Roeslani, an associate of the Bakries, sold about 24.2 million shares of the London-listed company to three separate investors, according to a statement yesterday. The sale increases the amount of votes Rothschild will need to win at the Feb. 21 shareholder vote on his plan to oust most of the board. The voting rights associated with those shares had previously been excluded by a U.K. Takeover Panel ruling.