Judge Urges Rejection Of New Sterlite Bid For Asarco

Law360, New York (September 25, 2009, 1:12 PM EDT) -- A bankruptcy judge has recommended that a district judge approve Grupo Mexico SAB de CV's $2.2 billion bid to acquire bankrupt copper mining operator Asarco LLC and reject the latest rival bid from India-based Sterlite Industries Ltd.

Judge Richard S. Schmidt of the U.S. Bankruptcy Court for the Southern District of Texas issued a report and recommendation Thursday saying that Grupo Mexico, Asarco's former parent, would provide more money for claimants, despite Sterlite's attempt to sweeten its offer.

Sterlite's bid is part of a reorganization plan...
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