LONDON (SHARECAST) - Shares in mining giant Bumi dropped even further on Thursday on the back of reports that the Bakrie family has come to blows with Samin Tan, the business tycoon who nine months ago rescued the Bakrie Group when he invested one billion dollars in Bumi in return for a 47.6 per cent stake split evenly between Tan and Bakrie.
Since Tan made the investment, shares have fallen 80%, causing Tan to be "furious" with the Bakries, who are one of Indonesia's wealthiest and politically connected families.
The battle puts at risk the $3.0bn deal that was signed in 2010 with the aim of making Bumi one of the world's largest coal exporters.
Meanwhile, package tour operator TUI Travel rose after it said it remains on track to meet its full year expectations, following strong trading in the summer high season, with improved margins and load factors versus the prior year.
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LONDON (SHARECAST) - Shares in mining giant Bumi dropped even further on Thursday on the back of reports that the Bakrie family has come to blows with Samin Tan, the business tycoon who nine months ago rescued the Bakrie Group when he invested one billion dollars in Bumi in return for a 47.6 per cent stake split evenly between Tan and Bakrie.
