Tuesday, November 25, 2008

Grupo Mexico offer for Asarco "off the table"

Reuters reports that Grupo Mexico's lawyer says that with the value of Asarco dropping, the company's offer to buy the company including paying off creditors 100% is now "off the table."

Copper prices are down about 60% from their highs and Asarco reported a loss of $10.7 million in October. Grupo Mexico is waiting to see what kind of revised deal Asarco might reach with the other bidder, Sterlite, before considering making a new offer.

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