Indonesian tycoons battling to buy US$3bil tissue brand Vinda

Vinda is one of China’s top tissue brands. — Reuters

JAKARTA (Bloomberg): Two Indonesian tycoon families are battling it out to gain a stake in one of China’s top tissue brands.

Asia Pulp & Paper Co., an arm of the late billionaire Eka Tjipta Widjaja clan’s Sinar Mas Group, recently made a preliminary proposal to buy a significant holding in Vinda International Holdings Ltd., Bloomberg News reported last week. It’s in talks with lenders to finance the potential purchase and has offered to buy a Vinda stake at more than HK$20 per share, according to the people, who asked not to be identified as the information is private.