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Americas Mining Ups Offer Amid Asarco Bidding War

Law360 (June 2, 2009, 12:00 AM EDT) -- Americas Mining Corp., an affiliate of Grupo Mexico SAB de CV, said Tuesday it had sweetened its offer to retake control of Asarco LLC, as a bidding war for the bankrupt mining giant escalated.

It was just last fall, in October, that Sterlite Industries Ltd., the other main Asarco bidder in the U.S. Bankruptcy Court for the Southern District of Texas, dropped its $2.6 billion offer amid declining copper prices and reeling securities markets.

Spring, however, has seen the bidding steadily rise from Sterlite's initial revised...
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