Bumi Plc’s defeat of an attempt by co-founder Nathaniel Rothschild to take control of the board clears the way for the coal producer to proceed with a deal to split from Indonesia’s Bakrie family. Rothschild, scion of a centuries-old banking dynasty who sought backing to remove the chief executive officer, chairman and the majority of the directors, had his proposal rebuffed by shareholders at a London meeting yesterday. The 41-year-old financier said the board had failed shareholders as he battled the Bakrie family over control of Bumi after creating the coal venture with them in a $3 billion deal in 2010. Bumi will now seek investors’ approval for the Bakries to swap their shares in Bumi...
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