Thursday, 26 February 2015
Last updated 3 hours ago
Jan 29 2013 | 11:08am ET
Nathaniel Rothschild is attacking a pair of U.S. hedge funds as he battles for control over mining company Bumi.
Rothschild, who is both a scion of the famed banking family and the co-chairman of hedge fund Atticus Capital, accused the hedge funds, Route One and Orchard Capital Partners, of links to Indonesia's Bakrie family, which controls a majority of Bumi's shares. Rothschild said he has reported the two funds to the U.K. Takeover Panel; if it finds in his favor, it would neutralize the funds' 1.61% voting stake in Bumi—the Panel has already ruled that the 57% of Bumi shares linked to the Bakries are restricted to 29.9% voting rights.
Rothschild controls 18.2% of Bumi and serves as its co-chairman, alongside Indra Bakrie.
"We have reported Route One and Orchard Capital to the Takeover Panel for possible Rule 9/Concert Party breaches," Rothschild's NR Investments said. "Both Orchard Capital and Route One are invested in or affiliated with companies that have exposure to the Bakries' margin loans."
Rothschild is seeking to oust 12 of Bumi's 14 board members.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…