Bumi Plc, the company at the center of a dispute between Nathaniel Rothschild and Indonesia’s Bakrie Group, said a proposal from the financier regarding the fate of the $1.1 billion company’s coal assets was rejected.
Nathaniel Rothschild’s bid to oust most of the board of Bumi Plc, the Indonesian coal venture he founded and is fighting to gain control of, may struggle after one of his earlier supporters said it would vote against him.
Nathaniel Rothschild, the financier who co-founded Bumi Plc, asked the U.K.’s financial regulator to investigate whether the Indonesian coal producer made misleading statements about a proposed deal with the Bakrie Group.
Nathaniel Rothschild, who quit the board of London-listed Bumi Plc last month, has raised $270 million for a proposal to the coal producer that would see it sever ties with shareholders including Indonesia’s Bakrie family, Rosan Roeslani and Chairman Samin Tan.
Nathaniel Rothschild, the financier seeking to unwind a $3 billion deal with Indonesia’s Bakrie Group, said investor support for his proposal to Bumi Plc has widened to include the top-five institutional shareholders.