JAKARTA: Vallar Plc, a London-listed company, plans to buy 20.9 billion shares or 75% ownership of non-coal company PT Bumi Resources Minerals Tbk from PT Bumi Resources Tbk. Vallar also intent to increase its ownership in Bumi Resources.In a press statement in its website today, Vallar will issue convertible bonds amounting to US$2.07 billion with a 2% coupon and a 15.88 initial conversion price as its consideration for the acquisition.The acquisition price of Rp850 per share represents a 21.9% premium to Bumi Minerals's 30 day average closing price of Rp697 per share to 27 May 2011.Through the acquisition of Bumi Resources Minerals, the company will augment its core focus on coal by adding a portfolio of base metals, iron ore and precious metals assets.The acquisition is expected to complete in the third quarter of this year. Vallar will seek shareholders approval.Bumi Resources Mineral shares dropped 5.06% to IDR750 at the Jakarta Stock Exchange, whilst Bumi Resources shares declined 0.72% to 3,425. (msw)

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