September 08, 2008

PT Bumi increase its bid for Herald

It is reported that Indonesia's PT Bumi Resources is set to win in its bid to acquire Australian mining company Herald Resources upping its bidding price from AUD 2.25 to AUD 2.6 per share.

The newspaper said the move followed potential bidder PT Aneka Tambang saying it would buy Herald at AUD 2.5 per share.

Bumi said it has received a loan pledge from Credit Suisse to finance the acquisition of Herald Resources which has a yet undeveloped lead and zinc mine in North Sumatra. Bumi also plans to issue bonds valued at USD 1 billion to finance its investment and business expansion this year.