Sterlite Angles To Buy Asarco On The Cheap

Law360 (October 15, 2008, 12:00 AM EDT) -- Copper mining company Sterlite Industries (India) Ltd. has decided not to complete a $2.6 billion deal to buy Asarco LLC's operating assets unless there is a substantial reduction in the purchase price, Asarco attorneys told the bankruptcy court Tuesday, a move that may imperil the company's efforts to implement its reorganization plan.

Sterlite said the financial crisis and the credit crunch has severely affected its expected financing, and the company has decided to prioritize its current cash reserves for operations and capital over acquisition efforts, according...
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