Vedanta's Bid For Asarco Meets Fresh Challenge From Grupo Mexico

Entities Mentioned

• Vedanta Resources
• Asarco
• Anil Agarwal

1. NRI businessman Anil Agarwal controlled Vedanta Resources could face fresh challenge in acquiring US copper firm Asarco. Mexican mining company Grupo Mexico, under whose management control Asarco went into bankruptcy protection four years back, has put in a fresh bid of $1.3 billion in cash against Vedanta’s $1.7 billion bid made last October. Although, Grupo Mexico’s bid is lower than Vedanta’s, it has a higher cash component. Vedanta had offered to pay $1.1 billion in cash, plus a note for $600 million as against Grupo Mexico’s $1.3 billion cash offer. Vedanta had in October revised down ... (Read Full Article)

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