Buxton backs Rothschild over Bumi

Schroders' head of UK equities Richard Buxton has publicly backed financier Nat Rothschild in his latest attempt to replace the board of coal miner Bumi.

Rothschild, who created Bumi plc, said on Monday he had requested a shareholder meeting to remove 12 of the 14 directors. Buxton's support will now prove crucial in helping Rothschild win support from the City in his battle with Bumi plc's directors and its Indonesian shareholders, according to the Financial Times. Schroders is among the largest of Bumi plc's City of London shareholders, with a holding of 4.2%. Bumi plc is also pursuing a proposal from the influential Bakrie family. They want to sever their ties with the London market by unwinding the cross-shareholdings between th...