'We have support of US government, unions on Asarco'

Press Trust of India / New Delhi July 19, 2009, 15:47 IST

"Anil AgarwalNRI billionaire Anil Agarwal-led Vedanta Resources today said it will not offer more than the already announced $1.87 billion to buy bankrupt American miner Asarco but is confident that it can clinch the deal with the support of the US government and the trade unions.

"We will not increase our bid in any circumstances. We believe we are well placed. The US government is with us, the trade union is with us," Vedanta Resources Chairman Anil Agarwal told PTI in an interview on the phone....

If the Asarco bid is lost, Agarwal said that he will look for other opportunities...."

http://www.business-standard.com/india/news/%5Cwe-have-supportus-govt-unionsasarco%5C/68194/on

Sterlite raises 1.5 Billion

Google News Alert for: asarco

Sterlite gets its US$1.5 billion in a day after US ADS offering Mineweb - London,England,UK India's Sterlite Industries is not only gaining a following among US Asarco creditors, as US investors and Asian investors, as well as parent Vedanta, ...

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" Vedanta's stake in Sterlite [is] 61.7%....Vedanta Chairman Anil Agarwal said the ADS issue is the first in a series of actions that would soon include acquisition of mining assets in Africa and Central America....India's Economic Times reported that a fourth of the ADS book was purchased by hedge fund investors with about 85 percent of demand coming from the U.S. and Asia."