Grupo Mexico set to offer new bid for Asarco

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 ... See all stories on this topic

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"Grupo Mexico set to offer new bid for Asarco

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 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..."

Swine Flu outbreak in Mexico will shut down many PEMEX operations and possibly Grupo Mexico mines per order by Felipe Calderon...BUT WALMART REMAINS OPEN

http://uk.reuters.com/article/worldNews/idUKTRE53T66N20090430

"Thu Apr 30, 2009 6:38pm BST

(Reuters) - Mexican President Felipe Calderon has ordered non-essential government offices and businesses to shut down for five days from Friday to stem the spread of a deadly swine flu virus.....

* Some operations at state oil company Pemex will continue. The government has yet to specify what parts of the major oil exporter will be affected by the shutdown....

* Walmart's Mexican subsidiary Wal-Mart de Mexico, one of the nation's largest employers and its top retailer, will not close its stores and will operate normally, a spokesman said.....

.....copper giant Grupo Mexico said production continued normally but the companies were examining the government shutdown order, since it takes time to stop big mining operations...."