Tuesday, August 11, 2009

Bidding up Asarco

In what's described as unusual excitement for a bankruptcy court, Sterlite Industries and Grupo Mexico both upped their bids yesterday for Asarco, LLC, according to the Wall Street Journal and other news sources. [right, Asarco's Mission mine near Tucson. Credit, Elmhurst.edu]

Sterlite kicked their offer up to $1.67 billion and a note. Grupo Mexico countered with $1.72 billion and a note for asbestos claimants of $280 million. A Grupo spokesperson said their offer "amounts to 100% of the principal demanded by Asarco's creditors, plus $165 million in interest."

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