Thursday, June 04, 2009

Grupo Mexico ups its offer for Asarco

Grupo Mexico amended its offer to take Asarco out of bankruptcy, to $2.9 billion, including $1.3 billion in cash and $1.3 billion put into escrow last week, the Wall Street Journal and others are reporting.

Competing offers on the table are from Sterlite Industries Ltd., a subsidiary of Vedanta Resources PLC, which offered $1.1 billion in cash and a $600 million note, and a recent proposalfrom hedge fund Harbinger Capital Partners, which has been valued at $500 million in cash but would reportedly let Asarco keep a multi-billion dollar judgement against Grupo made earlier. [right, Asarco's Mission Mine. Credit, Asarco]

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