Saturday, October 18, 2008

Grupo Mexico rethinking bid for Asarco

Reuters reports that Grupo Mexico is reconsidering its offer of $2.7 billion offer for Tucson-based Asarco in light of Sterlite's withdrawal and the dramatic drop in copper prices. Copper prices are down 40% from their July high.

The Grupo Mexico spokesman said it has not changed its offer to pay off Asarco's creditors completely. A revised offer is expected to be presented Oct. 30 at the next court mediation session.

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