Grupo Mexico Ups Offer In Bidding Battle For Asarco

Law360, New York (April 14, 2009, 12:00 AM EDT) -- Mexican mining giant Grupo Mexico has made another play for its bankrupt U.S. copper subsidiary, Asarco LLC, offering to best the $1.7 billion bid put forth by a unit of rival Vedanta Resources PLC by promising a higher infusion of cash.

On Monday, Grupo Mexico threw another wrench in the proceedings by pledging $1.3 billion in cash, beating out Vedanta subsidiary Sterlite Inc.'s earlier pledge of $1.1 billion in cash plus a note for $600 million connected to its $1.7 billion deal.

Though Vedanta's bid is...
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