Tuesday, July 07, 2009

Bidding war escalates for Asarco

The battle over control of bankrupt Asarco ratcheted up another notch in recent weeks with Grupo Mexico boosting its cash offer from $1.3 billion to $1.46 billion and its note to pay for asbestos clean-up from $250 million to $280 million, according to a report on Reuters.

This seems to be in response to Sterlite Industries upping their note from $1.7 billion to somewhere in the $2-3 billion range.

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