Asarco Jilts Grupo Mexico For $2.6B Offer

Law360, New York (May 29, 2008, 12:00 AM EDT) -- In a blow to Grupo Mexico SA de CV, Asarco LLC has reportedly rejected its parent company's buyout offer and has chosen to sell its assets to an undisclosed buyer for $2.6 billion.

On Wednesday, Grupo Mexico began its campaign to nullify the sale after revealing that it was not the mining company's winning bidder, according to the Wall Street Journal.

"They can't sell our debtor from under us if we're offering payment in cash in full,” said Grupo Mexico's counsel, the Journal reported. “They just...
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