April 11, 2016 / 3:36 AM / 3 years ago

Indonesia objects to $1.7 bln Freeport asked for stake -energy official

JAKARTA, April 11 (Reuters) - Indonesia has objected to the $1.7 billion Freeport McMoRan asked for a stake in its local unit, an energy ministry official said, because the price tag was too high and the government is considering alternative options.

“We told them that for now there was no agreement on the price,” Coal and Minerals Director General Bambang Gatot told reporters on Monday, referring to a letter sent to Freeport regarding its offer.

Gatot declined to give details on what price the government thought would be fair for the 10.64 percent stake in Freeport Indonesia that the U.S.-based parent company must divest.

Reporting by Wilda Asmarini; Writing by Fergus Jensen; Editing by Tom Hogue

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