Sterlite Ups Bid In Battle For Asarco

Law360, New York (August 11, 2009, 7:16 PM EDT) -- Indian mining company Sterlite Industries Ltd. confirmed Tuesday that it had raised its bid to purchase the operating assets of Asarco LLC as arguments in bankruptcy court over competing reorganization plans for the copper miner entered their second day.

The subsidiary of U.K.-based Vedanta Resources PLC, which is battling Asarco's Mexican parent Grupo Mexico SAB de CV for control of the bankrupt Arizona company, said it had revised its initial offer from $1.1 billion cash and a $770 million copper price participation note to $1.59 billion...
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