| Grupo Mexico set to offer new bid for Asarco |
American Metal Market - New York,USA
By Anne RileyPublished: Apr 30 2009 5:25PM Grupo Mexico SA de CV has so far been unsuccessful in its attempts to regain control of former subsidiary Asarco ...
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Grupo Mexico SA de CV has so far been unsuccessful in its attempts to regain control of former subsidiary Asarco LLC. That's all about to change, according to the Mexico City-based miner.
Grupo Mexico said this week it had reached an agreement with the asbestos creditors in Asarco's bankruptcy case to support subsidiary Americas Mining Corp.'s reorganization plan over Sterlite Industries Ltd.'s $1.7-billion bid.
Sterlite's reorganization plan, which has been called "fair and reasonable" by the federal bankruptcy judge presiding over the case, has yet to gain the support of the asbestos committee, Grupo Mexico said.
Grupo Mexico's long and sometimes contentious relationship with Asarco dates back 10 years. Grupo Mexico acquired Asarco for $1.2 billion in 1999, but lost control over..."