The agreement struck by Indonesia’s powerful Bakrie family to sell its 35 per cent stake in coal miner Bumi Resources to a consortium led by private equity group Northstar Pacific for $1.3bn is in the balance, according to people familiar with the deal.

The news comes as Bukit Asam, a state-owned mining company, announced on Tuesday it was withdrawing from the consortium – led by Northstar, an affiliate of Texas Pacific Group – because Bumi’s share price has fallen 61 per cent since the agreement was announced on November 1.