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Malaysia's Felda to buy 37 pct of Eagle High from Rajawali for $680 mln -exec

Reuters

JAKARTA, June 12 (Reuters) - Malaysia's Felda Global Ventures Holdings Bhd plans to buy 37 percent of Indonesia's PT Eagle High Plantations Tbk from Rajawali Group for around $680 million, a Rajawali executive said on Friday.

Felda plans to buy 30 percent of Eagle High in cash and 7 percent by issuing new shares.

Felda will also buy 95 percent of Rajawali's sugar project for around $67 million.

Eagle High shares had surged more than 12 percent earlier after media reports had flagged that a deal was in the works. (Reporting by Eveline Danubrata and Cindy Silviana; Editing by Edwina Gibbs)