TUCSON, Ariz. (AP) - A Texas judge says India's largest copper producer can acquire Tucson-based Asarco LLC for $1.1 billion in cash and a $600 million note.
U.S. Bankruptcy Judge Richard Schmidt approved the request yesterday from Asarco's court-approved board to sign a sale contract with Sterlite Industries Ltd.
But that will allow competition with Grupo Mexico SAB of Mexico City, which owned Asarco but lost control after Asarco filed for Chapter 11 reorganization in 2005.
Grupo Mexico has said it would pay $1.3 billion to reassume control - a move Asarco officials oppose. Sterlite offered $2.6 billion last year but withdrew the bid when copper prices plunged. Asarco is able to accept a higher offer until its reorganization plan receives final approval.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
