DENVER (AP) - Sterlite Industries is raising its bid for the mining company Asarco LLC by 20 percent to $2.57 billion, topping rival Grupo Mexico's offer for a company that has been operating under bankruptcy protection.
Mumbai-based Sterlite's new bid is higher than the $2.2 billion offer from Grupo Mexico.
Sterlite said Friday the latest offer will provide full cash payments to asbestos creditors and surplus cash for operations.
A bankruptcy judge last month recommended Grupo Mexico's bid as the better offer for creditors of Arizona-based Asarco. A final decision is expected this fall.
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