Grupo Mexico Ups Asarco Bid To $2.2B In Cash

Law360, New York (August 17, 2009, 6:50 PM EDT) -- In response to an objection by Asarco LLC — which argued that an amended reorganization plan filed by parent company Grupo Mexico SAB de CV still fell short for creditors — Grupo Mexico has reportedly raised its bid for control of the mining company to $2.2 billion in cash.

As confirmation hearings for the plan continue, Reuters reported Monday that Grupo Mexico raised its bid to $2.2 billion, which includes repayment for administrative, priority, secured and asbestos personal injury claims.

The bid also provides for full...
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