Sterlite Increases Bid To $2.6B In War For Asarco

Law360, New York (September 11, 2009, 4:05 PM EDT) -- In a continuing battle between India-based Sterlite Industries Ltd. and Grupo Mexico SAB for ultimate control of bankrupt U.S. copper mining company Asarco LLC, Sterlite has upped its offer to $2.565 billion in cash on closing.

Sterlite, a unit of Vedanta Resources PLC and India's largest copper producer, said in a statement Friday it was increasing its previous offer of $2.135 billion for the purchase of substantially all of the operating assets of Asarco following “extensive discussions and review.”

The revised bid also tops the latest...
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