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Article: SMC bids for 35% of Indon coal firm.(Business News)
- Article from:
- Manila Bulletin
- Article date:
- November 6, 2008
CopyrightCOPYRIGHT 2008 Manila Bulletin Publishing Corp. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MANILA/HONG KONG, Nov. 5 (Reuters) - The Philippines' San Miguel Corp said it would bid for 35 percent of Indonesia's largest coal miner, Bumi Resources, rivalling an offer led by private equity firm Northstar Pacific.
Asked if San Miguel was making a bid for Bumi, San Miguel President Ramon Ang told Reuters in a mobile phone text message: ''Yes. Northstar's offer is non-binding and non-exclusive.''
He gave no other details of the bid or whether San Miguel, Southeast Asia's largest food and beverage firm which is moving away from its core business into energy and mining, would seek partners.
Earlier, two separate investment banking sources said ...