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Reuters scoops rivals on San Miguel bid for Bumi Resources

Reuters was first on Nov. 4 to confirm market rumours that the Philippines San Miguel Corp was likely to make a bid for Indonesia`s largest coal miner Bumi Resources, despite a standing bid by investment group Northstar Pacific. San Miguel President Ramon Ang responded on Nov 4 to persistent text messages from Reuters, saying that the company was putting in a bid for Bumi since Northstar did not have exclusive rights. The Reuters story was front paged in Manila`s Businessworld newspaper besides being picked up elsewhere. Dow Jones and Bloomberg only managed to catch up the next day.

Article Tags
Type: Reuters Best
Sectors: Equities
Regions: Asia
Countries: Philippines
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