Indian Company Snatches Up Asarco For $2.6B

Law360, New York (June 2, 2008, 12:00 AM EDT) -- After initially playing coy, Asarco LLC revealed that Sterlite Industries (India) Ltd. has scooped up the bankrupt mining company's assets for a cool $2.6 billion, much to the chagrin of parent company Grupo Mexico SA de CV.

Sterlite, a subsidiary of Vedanta Resources, announced Monday in a 6-K filing with the U.S. Securities and Exchange Commission that it had signed a definitive agreement with Asarco over the weekend, signaling the Indian company's first foray into the U.S. mining business.

Though a deal has already been tentatively...
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