Bumi split deal agreed

The long-running saga of separating Bumi from the Bakries looked to be finally coming to an end today after the miner agreed to sell its 29.2% stake in the similarly named Bumi Resources to the powerful Indonesian family for $501 million (£330 million).

In a convoluted ownership structure that has confounded and angered the City, the two-stage deal also sees the Bakries’ large stake in the listed Bumi bought out by chairman Samin Tan.

But Nat Rothschild, the billionaire financier who co-founded Bumi in 2010 with the Bakries before spectacularly falling out with them, is furious at the deal as it leaves Tan with nearly half the stock. Rothschild said: “For the sake of the London market, I hope the regulators step in and ensure the interests of independent shareholders are protected.”

Bumi said a “substantial proportion” of the money from the deal will be handed over to shareholders. But senior non-executive director Julian Horn-Smith warned that “more needs to be done” on details before investors can vote on the plans.