PT Antam seeks advice on Freeport

The state-owned company appoints HSBC to give advice on the acquisition of a minority stake in Freeport Indonesia.

Indonesian state-owned mining company PT Antam Tbk announced yesterday that it had selected HSBC as its financial advisor for the potential acquisition of a minority stake in PT Freeport Indonesia, which owns and operates the Grasberg gold and copper mine in Papua.

Antam is considering acquiring the government's 9.36% stake in Freeport Indonesia, which some analysts say is valued at $700 million. HSBC was selected from five short-listed candidates, which had included CLSA, Citigroup, BNP Paribas and Macquarie.

We have appointed HSBC to investigate whether this interesting investment opportunity will indeed bring significant value for Antam and if so, to recommend how best to accomplish the...

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