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September 26, 2009

Xstrata, Peabody eye $1bn buy of Berau Coal

The sale by Berau’s biggest stakeholder could also trigger the sale of stakes by its minority shareholders, and the entire company is valued at between $800 million to $1 billion, with one source saying Berau could fetch $1.5 billion.
Posted: Thursday , 07 May 2009

HONG KONG/SINGAPORE (Reuters) –

U.S. coal miner Peabody Energy (BTU.N: Quote) and Anglo-Swiss miner Xstrata (XTA.L: Quote) plan to bid for a majority stake in Indonesian coal miner PT Berau Coal in a deal that may be valued at around $1 billion, two sources with direct knowledge of the deal said.

Armadian Tritunggal — an investment firm controlled by Indonesian businessman Rizal Risjad — is selling its Berau stake in an auction run by Deutsche Bank (DBKGn.DE: Quote), Bank of America’s (BAC.N: Quote) Merrill Lynch, and former Merrill banker Sheldon Trainor’s PacBridge Capital Partners, sourced had told Reuters in April. [ID:nHKG137538]

Sources said other firms are showing interest and may also bid, including Indonesian coal miner PT Indika Energy (INDY.JK: Quote).

Both sources declined to be named due to the sensitive nature of the auction. Xstrata declined to comment when contacted by Reuters, and Peabody did not respond to calls seeking comment.

The sale by Berau’s biggest stakeholder could also trigger the sale of stakes by its minority shareholders, and the entire company is valued at between $800 million to $1 billion, with one source saying Berau could fetch $1.5 billion.

Peabody is speaking with banks in Hong Kong for an advisory role on a bid, one source said.

And Xstrata would likely hire Goldman Sachs (GS.N: Quote), who has worked with the miner on a number of deals, sources said. Goldman declined to comment. (Reporting by Joseph Chaney and Saeed Azhar; Additional reporting by Eric Onstad in LONDON; Editing by Anshuman Daga)

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