U.S. says supports Asarco sale to India’s Sterlite

by Dave

Seems India wins this round vs. Mexico

via Reuters
The U.S. government on Wednesday filed court papers supporting the proposed $2.6 billion sale of bankrupt copper miner Asarco LLC to India’s Sterlite Industries Ltd (STRL.BO: Quote, Profile, Research)(SLT.N: Quote, Profile, Research), describing an alternate offer from Asarco parent Grupo Mexico (GMEXICOB.MX: Quote, Profile, Research) as “defective.”

Sterlite, an affiliate of London-listed Vedanta Resources Plc (VED.L: Quote, Profile, Research), said in late May it would buy the operating assets of Asarco in an all-cash deal. Grupo Mexico, which had made an alternate bid for the company and promised “full recovery” for its creditors, said it would do absolutely everything in its power to block the sale of its subsidiary.