Wednesday, August 26, 2009

Arizona lines up behind Sterlite bid for Asarco

Numerous news sources say Arizona Attorney General Terry Goddard informed the bankruptcy court that the State of Arizona supports Sterlite Industries bid for Asarco. Last week Sterlite promised to pay Asarco creditors in full, in essence raising their offer by $500 million.

The Arizona Daily Star reports that the states of Montana, Washington, and Texas also endorsed the Sterlite proposal as does the U.S. government.

The bankruptcy decision could come this week.

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