Bumi's Indonesian backers plan £750m split from Rothschild The Bakrie Group, controlled by Indonesia's powerful Bakrie dynasty, has offered to cancel its 24pc shareholding in FTSE 250-listed Bumi and buy its stakes in two Indonesian subsidiaries, Bumi Resources and Berau Coal Energy, in a £750m offer. Since the deal would undo those purchases, "the bonus should be annulled," Bakrie Group said via its subsidiary. Mr Rothschild could face pressure to agree as it would make the offer more attractive to Bumi's independent shareholders, valuing their shares at £4.83 each, rather than £4.40. The financier was said to be left shocked and angry by the plans, revealed in letters handed to him and other non-executive directors shortly before Bumi's board meeting in Singapore on Thursday. Nonetheless, Bumi's shares climbed 73.3 or 39.5pc to £2.59 as the market welcomed the offer, which at around $1.2bn (£750m) represents a 67pc premium to Wednesday's closing market cap. The plan is that before Christmas the Bakrie Group would swap out of its stake in Bumi and pay $278m in exchange for Bumi's 29pc stake in Bumi Resources. The Bakrie Group has also proposed a cash offer "within the next six months" for Bumi's 85pc stake in Berau Coal. Christopher Fong, the Bakrie family spokesman, said it was "an obvious win-win solution for all shareholders in the present environment." However Mr Rothschild said it would be appropriate to wait until the investigation concludes before commenting on the proposals. "Challenges in implementing appropriate standards of corporate governance ... have been a source of friction amongst the board members and shareholders," he said. Bumi looks reluctant to give up Berau given its controlling stake. If so, the question of whether Mr Rothschild should give up shares would be moot as Bumi would remain a group with assets, not just a cash shell. Bumi is likely to entertain an offer for Bumi Resources, however. Bumi said in a statement that the board will make a recommendation to shareholders.