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"THE ONLY THING NECESSARY FOR THE TRIUMPH OF EVIL IS FOR GOOD MEN TO DO NOTHING"
--Burke

Saturday, April 25, 2009

Pressure mounts on Grupo Mexico owners

"Judge: Sterlite can buy Valley-based Asarco
...Associated Press

...U.S. Bankruptcy Judge Richard Schmidt approved the request Wednesday from Asarco's court-approved board to sign a sale contract with Sterlite Industries Ltd.

That will spur competition with Grupo Mexico SAB of Mexico City, which owned Asarco but lost control after Asarco filed for Chapter 11 reorganization in 2005.

Grupo Mexico has said it would pay $1.3 billion to reassume control - a move Asarco officials oppose. Sterlite offered $2.6 billion last year but withdrew the bid when copper prices plunged. Asarco is able to accept a higher offer until its reorganization plan receives final approval.""


http://www.azcentral.com/news/articles/2009/04/24/20090424asarco0424.html

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