Rothschild's Vallar eyes $1 bln coal assets-FT

Mining cash shell Vallar Plc (VAAR.L) is scouring the market for coal assets in North America or Australia worth up to $1 billion, as it seeks to gain a spot in Britain's FTSE 100, the FT reported in its Tuesday edition.

Citing an unnamed source close to the company, the paper said Financier Nathaniel Rothschild's investment vehicle was eyeing coal assets in Australia and North America, as well as a possible target in Mongolia.

The group is considering further acquisitions after it is transformed into an Indonesian coal group this month, the paper quoted the source as saying.

London-listed Vallar announced on Nov. 16 an agreement to join forces with Indonesia's powerful Bakrie family, which controls the country's biggest coal producer. 

Under the agreement, the Bakrie Group, run by the family of politician and tycoon Aburizal Bakrie, is joining miner Berau Coal (BRAU.JK) with prize asset PT Bumi Resources (BUMI.JK) in a share swap deal with Vallar.

Bakrie will be the biggest shareholder in the combined company -- to be renamed Bumi Plc -- with a 43 percent stake, while existing Vallar shareholders will own 28.3 percent. Vallar was not immediately available for comment. Source: Reuters