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November 17, 2008

Indonesia's Bakrie considers adjusting Northstar

Indonesia's Bakrie & Brothers said on Monday a $1.3 billion deal to sell a 35 percent stake in coal miner Bumi Resources Tbk to private equity firm Northstar Pacific might be adjusted.

Reuters quoted Bakrie & Brothers, the holding company of the family of Indonesia's chief social welfare minister Aburizal Bakrie, as saying in a draft of a presentation scheduled for later on Monday that the adjustment may come after the completion of due diligence by Northstar.

"There might be an adjustment on the $1.3 billion value of the deal," Bakrie & Brothers said.

Bakrie & Brothers, which had borrowed heavily using Bumi shares as collateral, was forced to look for a sale after a sharp slide in shares in the country's biggest coal miner.

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