Asarco Woos Sterlite With Lower $1.1B Price Tag

Law360, New York (March 9, 2009, 12:00 AM EDT) -- Fearing the loss of its most promising buyer, bankrupt copper mining company Asarco LLC has penned a new agreement to sell the bulk of its operating assets to Sterlite Inc. by agreeing to significantly lower the original purchase price of $2.6 billion to $1.1 billion.

On Monday, Asarco revealed the tentative new sale agreement with Sterlite, a subsidiary of Sterlite Industries (India) Ltd. and Vedanta Resources PLC, bowing to pressure that it knock off a chunk of the price given the current state of the economy....
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