His 32% stake will increase to 38% after a buy-back of Arcelor shares (decided before the deal with Severstal was concluded), which will shrink the shareholder base.

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The Bakries, backed by the independent non-executive directors, have offered to buy back Bumi Resources, leaving Bumi PLC with the Berau coal-mining assets in a deal that would leave shareholders with a loss of about 50% on their original investment.

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