Commodities firm Noble Group and Indonesian coal miner PT Indika Energy Tbk are among the companies pursuing a bid for Straits Asia Resources , according to sources familiar with the matter, in a deal that could be worth more than $800 million. Bidders are setting their sights on the two Indonesian coal mines that the Singapore-listed company controls.
Australian miner Straits Resources Ltd , which owns 47.1percent of the company, said last December it was reviewing what to do with the stake after receiving approaches from buyers. Bids for the stake are due at the end of this month, said the sources, who declined to be identified because they were no authorised to speak publicly about the deal.
If a suitor goes for the entire 47.1 percent stake it will have to make a bid for the whole company under Singapore rules. The market capitalisation of Straits Asia Resources is S$900 million($597.2 million).
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