Minister Denies Planned Acquisition Of BTN Not Based On Study

Jakarta, April 24 (Antara) - State Enterprises Minister Dahlan Iskan had denied that the planned acquisition of state-owned Bank Tabungan Negara (BTN) by fellow state lender Bank Mandiri was not based on an in-depth study. "I do not agree that there was no study on it," he said after chairing a leadership meeting of state enterprises at the Garuda Maintenance Facilities (GMF) on the Soekarno-Hatta Airport compound on Thursday. The ministry had conducted a study on the planned acquisition, according to the standard procedure, by involving world-class consultants, he said. "But if it is cancelled, it doesn`t matter. I must accept it and bow to my superiors," he added. The planned acquisition of BTN by Bank Mandiri, Indonesia`s largest lender by assets, had come under the spotlight in the past few weeks. BTN`s shareholders had planned to hold an extraordinary general meeting of shareholders on May 21 to make a decision on the planned acquisition. Cabinet Secretary Dipo Alam, speaking on behalf of President Susilo Bambang Yudhoyono, called for a halt to the planned acquisition on the ground that it may have an impact ahead of the July 7 presidential poll until the current cabinet`s tenure ends in October this year. In this regard, Dipo said he had written to the chief economic minister, the finance minister, the state enterprises minister, and president directors of BTN and Bank Mandiri to drop the planned acquisition.