"Vedanta tumbles on Asarco bidding war"

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Vedanta tumbles on Asarco bidding war · Finance Yard By Financial Times .....Read the full story on the Financial Times.

"....Vedanta, through its Sterlite subsidiary, has the right to match any higher bid under the terms of its deal with Asarco’s administrators. However, the group had less than $2.9bn in cash at the end of March so an equal offer would probably require raising fresh capital.

“We are concerned that the higher bid by Grupo México could lead to Vedanta overpaying for the Asarco assets,” said GMP analyst Matt Fernley, who cut Vedanta to “hold”. He valued the Asarco assets at just $1.8bn."

Semi-privatization of PEMEX through "service contracts" - coming up in JULY

"Mexico's state oil company PEMEX this month or next will have the model ready for new service contracts..."Risk sharing and production sharing arrangements are still not legal by constitutional standards in Mexico. [The performance-based contracts] try to emulate risk sharing and production sharing without violating constitutional restrictions," González said."

PEMEX service contract model to be ready by July