Thursday, October 30, 2008

Sterlite rumored to drop bid for Asarco by $500M

Rumors out of India say that Sterlite Industries has reduced its offer to buy Tucson-based Asarco from $2.6 billion to $2.1 billion. Last week Sterlite parent corporation Vedanta Resources said the original bid was over-valued in today's market of falling commodity prices, particularly copper, which has dropped by more than half from its peak.

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