Reuters scoops rivals on San Miguel bid for Bumi Resources

Reuters was first on Nov. 4 to confirm market rumours that the Philippines San Miguel Corp was likely to make a bid for Indonesias largest coal miner Bumi Resources, despite a standing bid by investment group Northstar Pacific. San Miguel President Ramon Ang responded on Nov 4 to persistent text messages from Reuters, saying that the company was putting in a bid for Bumi since Northstar did not have exclusive rights. The Reuters story was front paged in Manilas Businessworld newspaper besides being picked up elsewhere. Dow Jones and Bloomberg only managed to catch up the next day.