Tuesday, October 14, 2008

Credit crisis II: Sterlite can't afford to buy Asarco

Sterlite Industries, the subsidiary of Vedanta Resources, says it cannot fund its $2.6 billion bid to buy Asarco LLC from bankruptcy, because of the problems of getting credit in the financial markets. The only other bidder is Grupo Mexico. Sterlite has been Asarco’s preferred purchaser and was getting strong support from Asarco unions and creditors. [right, copper pits in Arizona. Copyright, Asarco]

No comments:

Post a Comment