Penelitian ini bertujuan untuk mencari jawaban atas tiga permasalahan yaitu kewajiban Companhia Vale Do Rio Doce Canada Inc. (CVRD) selaku pengendali baru PT International Nickel Indonesia Tbk (PT INCO), Kontrak Karya Pertambangan antara Pemerintah Republik Indonesia dengan PT INCO dapat mengenyampingkan Peraturan Bapepam tentang kewajiban penawaran tender, dan perlindungan hukum terhadap pemegang saham minoritas PT INCO dalam hal terjadi akuisisi terhadap Inco Limited yang mengakibatkan Perubahan Pengendali pada PT INCO. Penyusunan tesis ini dilakukan berdasarkan penelitian kepustakaan melalui studi dokumen atas bahan-bahan hukum primer dan sekunder yang berhubungan dengan transaksi akuisisi CVRD terhadap Inco Limited yang mengakibatkan Perubahan Pengendali pada PT INCO. Seluruh data yang diperoleh kemudian dianalisis dengan metode kualitatif. Berdasarkan analisis data hasil penelitian, dapat disimpulkan bahwa: CVRD mengakuisisi Inco Limited, pemegang sebesar 60,8% saham PT INCO. Akibatnya CVRD menjadi pengendali Inco Limited, sehingga secara tidak langsung CVRD adalah pengendali baru PT INCO. Menurut Peraturan Bapepam-LK No. IX.H.1, selaku pengendali baru PT INCO, CVRD wajib melakukan penawaran tender atas seluruh saham publik (minoritas) PT INCO. Terdapat pertentangan Pasal 10 Kontrak Karya antara Pemerintah Republik Indonesia dan PT INCO dengan Peraturan Bapepam-LK No. IX.H.1 terkait kewajiban penawaran tender. Berdasarkan Pasal 10 Kontrak Karya Pertama juncto Pasal 27 ayat (3) maka PT INCO dikecualikan dari kewajiban penawaran tender sebagaimana diatur dalam Peraturan Bapepam-LK No. IX.H.1. Perlindungan hukum bagi pemegang saham minoritas dalam kasus akuisisi PT INCO oleh CVRD yaitu dapat meminta agar sahamnya dibeli dengan harga wajar oleh PT INCO. Terdapat satu pihak pemegang saham minoritas yaitu DIA Holding Overseas B.V., pemilik saham PT INCO sebesar 2,5% yang meminta kepada Bapepam-LK agar mewajibkan PT INCO melakukan penawaran tender atas seluruh saham publik PT INCO.

The Objective of research is to find answers on three problems which are Companhia Vale Do Rio Doce Canada Inc. (CVRD)’s liabilty as a new controller of PT International Nickel Indonesia Tbk (PT INCO), Mining Contract of Work between Government Republic of Indonesia and PT INCO that can abolish Bapepam's rule regarding tender's offer liabilities, and legal protection to PT INCO'S minority shareholders in term of acquisition to Inco Limited that cause controller change in PT INCO. This thesis collation is prepared based on literature research through documentary study on primary as well as secondary jurisdictional materials regarding CVRD's acquisition transactions to Inco Limited that cause Controller change in PT INCO. All acquired data then is analyzed by qualitative method. Based on data analysis resulted from research, it can be concluded that Inco Limited acquisition by CVRD, owner as much as 60,8% PT INCO'S stocks. Consequently, CVRD becomes Inco Limited's controller, therefore CVRD is indirectly becoming PT INCO'S new controller. Pursuant to Bapepam LK’s rule No. IX.H.1, as PT INCO'S new controller, CVRD has obligation to tender offer on all of PT INCO’s public shareholders (minority shareholders). There is a discord between Article 10 of Contract of Work of Government Republic of Indonesia and PT INCO and Bapepam LK's rule No. IX.H.1 regarding tender's offer. Based on Article 10 First Contract of Work juncto article 27 sentences (3), PT INCO has an exception from tender's offer liabilities as stated Bapepam-LK’s rule No. IX.H.1. Legal protection for the minority shareholders in acquisition of PT INCO's by CVRD is they could ask for their shares are bought at fair value by PT INCO. There is one of minority shareholders, DIA Holding Overseas B.V. as PT INCO'S shares owner as much as 2,5% which asked Bapepam-LK to force PT INCO to tender offer on all of PT INCO’s public shareholders.

Kata Kunci : Akuisisi,Perubahan pengendali,Penawaran tender,Pemegang saham minoritas,Acquisition,Changing Controller,Tender's offer,Minority Shareholders