Tuesday, June 17, 2008

Grupo Mexico counter-offer for Asarco

Grupo Mexico’s $4.1 billion counter-offer for Asarco would use $1 billion of Asarco’s own assets with the rest coming from the Mexican firm. Reports are that Vedanta Resources’ subsidiary, Sterlite Industries, would consider legal action if the bankruptcy court accepts the Grupo Mexico proposal.

Sterlite had apparently won the bid competition among Grupo Mexico, Swiss industrial conglomerate Glencore International AG, and a consortium of Harbinger Capital Partners and Citigroup Global Markets.

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