LONDON - The Indonesian Bakrie family on Thursday proposed a split from the coal mining company Bumi that they helped to create with the British financier Nathaniel Rothschild.
The announcement is the latest in a flurry of boardroom maneuvers between the dynastic Bakries and Mr. Rothschild, whose own family can date its heritage in the European banking industry back to the 18th century, over the control of the London-listed company whose share price has plunged 66 percent over the last 12 months.
In a statement on Thursday, Bumi said it had received an offer from the Bakries to acquire the company's 29.2 percent stake in the Indonesian coal miner PT Bumi Resources.
Under the terms of the proposed deal, companies controlled by the Bakrie family would swap their 23.8 percent stake in Bumi for a 10.3 percent holding in PT Bumi Resources. The Indonesian family would then offer to buy the remaining 18.9 percent stake in the Indonesian coal mining company for c ash by the end of the year.
The Bakries also proposed to buy Bumi's majority control of PT Berau Coal Energy, another Indonesian mining company, within the next six months.
By offering to buy the stakes in the two Indonesian companies, the Bakries would take control of the majority of Bumi's mining assets. The deal would leave Bumi with only a few remaining mining operations around the world.
No financial terms of the deals were released, and Bumi's board said they would consider the share exchange proposal.
In early morning trading in London, shares in the London-listed company had risen 28.5 percent.
The announcement comes as Bumi's board meets in Singapore on Thursday to discuss allegations of financial misconduct at some of the firm's subsidiaries amid concerns over the company's tumbling share price.
Last month, the London-listed company said it was investigating irregularities at PT Bumi Resources.
The allegations relate to fin ancial accounting records for last year in which certain investments were marked down to zero, according to a statement from Bumi.
Tensions between Mr. Rothschild and the Indonesian family have been high since the British financier called for a shakeup last year in the management of PT Bumi Resources.
In response, Indra Bakrie, then the chairman of Bumi, and Samin Tan, an Indonesia mining mogul, moved to oust Mr. Rothschild from the running of the company that he had helped to create.
Earlier this year, Mr. Rothshcild's Indonesian partners called for a shareholder meeting to reshuffle Bumi's executives. Mr. Tan took over as chairman, while Mr. Rothschild became a non-independent director.
Representatives for Mr. Rothschild and the Bakrie family were not immediately available for comment.
