Saturday, September 01, 2012
Southern Copper $2 billion judgement upheld
Mineweb.com reports that "Delaware's Supreme Court reaffirmed the Court of Chancery's decision to award $2 billion to Phoenix-based Southern Copper Corp. for "overpaying its corporate parent Grupo Mexico during its acquisition of Minera Mexico."
"The crux of their argument was that Grupo Mexico received more than $3 billion worth of Southern Peru stock in exchange for something that was not worth nearly that much, Minera."
The judge also awarded "the largest attorneys' fees ever awarded by Delaware Court of Chancery at a rate of $35,000 per hour for a total of $304 million."
at 9:13 AM