AGRO acquisition reaching finalization stage
BBRI has signed an acquisition agreement with PT Bank Agroniaga (AGRO) regarding acquisition of 88.65% AGRO stocks at an exchange price of Rp132/share on August 19, 2010. The acquisition cost of Rp400bn would involve BBRI acquiring 3.03tr shares of AGRO. BBRI will takeover 76% shares of Plantation Pension Fund (Dana Pensiunan Perkebunan). However, AGRO still has warrant obligation with offering period 13 May 2010-13 Mei 2011, BBRI ownership may be diluted from warrant execution. Based on the acquisition contract, BBRI will sell its stake on AGRO should the ownership is still above 76% after warrant execution. BBRI and AGRO will propose the acquisition plan to Bank Indonesia and will hold tender offer to public after obtaining approval from BI and current shareholders.
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