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

Saturday, August 22, 2009

"Sterlite ups Asarco bid by $500 m" and Asbestos Creditors have a put-option ("bet") in place

Mumbai, Aug 20

"...The revised bid will be $2.1 billion in cash. While there is an increase in the cash consideration, Sterlite will receive about 72.5 per cent interest in the Litigation Trust, to be set up by the ‘Debtors in Possession’ (Asarco), at the closing of the transaction consequent to a US court judgment against Americas Mining Corporation, the company said.   The nine-year copper price participation note of $207.9 million and a put option granted to the Asbestos creditors against their share of 27 per cent litigation interest remain unchanged.   The move follows Grupo Mexico announcement that it would raise its offer to $2.2 billion in cash, in addition to a $280 million note, an increase of about $500 million over its previous offer..."

http://www.thehindubusinessline.com/2009/08/21/stories/2009082152180100.htm


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