Hints and tips:
Related Topics
...Grupo México, which is predominantly a mining company and has a market capitalisation of about $16bn, owns Southern Peru Copper Corp and Asarco....
...400,000 tones of copper production over the next 18 months at two mines in the Democratic Republic of Congo and Zambia comes in the wake of closures or cutbacks at mines controlled by Freeport-McMoRan, Asarco...
...The company was also directed to pay Asarco mining company $82.75m by a US court....
...Meanwhile, it won a major victory in the US courts by recovering its US unit, Asarco....
...Asarco represented one means of expanding internationally. Asarco entered 2005 facing escalating asbestos and environmental damage claims worth billions of dollars....
...That Mexican mining company, lower courts found during four years of hearings, took actions when it owned Asarco that contributed to Asarco’s 2005 bankruptcy....
...Such controversies caused bad press but Vedanta remains in far higher standing among Asarco shareholders....
...Asarco filed for bankruptcy protection shortly afterward....
...“Today marks the beginning of a new chapter for Asarco and Grupo Mexico,” said Jorge Lazalde, Asarco’s general counsel....
...Breaking pre-market news on Friday, - Vedanta Resources announces revised $2.565bn cash offer for operating assets of Asarco – statement....
...Separately, Asarco has sued its estranged parent on charges of asset stripping....
...Asarco, which has three copper mines in Arizona and annual revenue of almost $1.9bn, went bankrupt in 2005....
...However, the company gave no update on its ongoing battle for the control of Asarco, the bankrupt US copper miner, which is also being pursued by Vedanta’s rival Grupo Mexico....
...better suited to pay off Asarco’s creditors promptly....
...Morgan Stanley, Vedanta’s house broker, called the Asarco saga “a distraction” from the group’s core business case of low-cost growth in India....
...Sterlite’s bid is backed by Asarco management and the Asarco miners’ union. The value of Sterlite’s bid has changed little, but it raised the cash component to please Asarco creditors....
...Grupo Mexico, Mexico’s largest mining company, said Tuesday it is offering $2.9bn in a new reorganisation plan to take its US copper unit, Asarco, out of Chapter 11 bankruptcy, where it has languished since...
...Grupo México has offered $2.9bn for Asarco, trumping Vedanta’s previous offer of $1.7bn....
...RBS Securities was the financial adviser for Sterlite, while Asarco was advised by Barclays Capital....
...The sector’s exception was Vedanta Resources, which slid 1.8 per cent to £16.90 after it was outbid again for Asarco, the bankrupt US copper miner ....
...Vedanta’s $2.6bn bid for US peer Asarco threatens to inflate group debt and counter higher metals prices, Goldman said....
...Traders also pinned the gain on hopes that Vedanta’s proposed $1.7bn bid for US miner Asarco would collapse....
...Merrill Lynch, which put a value on Asarco’s assets of just $750m, said: “We think this transaction, if it goes ahead, destroys value” ....
International Edition