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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Vedanta ups offer for Asarco, now up to US judge AFP - Sunday, September 13 NEW DELHI (AFP) - - British metals giant Vedanta has raised its offer for bankrupt US copper miner Asarco to 2.57 billion dollars in a bid to beat out rival suitor Grupo Mexico. ADVERTISEMENT The India-focused company said the revised offer "has been accordingly submitted to the (Texas) district court for consideration," according to a statement on India's National Stock Exchange web site Saturday. Texas district court judge Andrew Hanen is expected to make a final decision on which company should take Asarco out of bankruptcy before the end of November. Vedanta Resources Plc increased its earlier offer of 2.14 billion dollars through its Indian arm Sterlite Industries after a US bankruptcy court recommended Grupo Mexico's 2.48 billion dollar bid for the copper miner. The Mexican conglomerate Grupo Mexico is the former parent of Asarco, the third-largest copper producer in the United States. The statement said the decision by Sterlite to raise the all-cash offer came "after extensive discussions and review." Vedanta's purchase of Asarco would make the British company one of the world's leading copper producers. The Vedanta offer is near the original 2.6-billion-dollar bid it made last year before a slide in global copper prices prompted both it and Grupo Mexico to slash their offers. The two sides have been engaged in a bidding war to acquire Asarco's assets, which include three copper mines in southern Arizona. Vedanta, listed on the London Stock Exchange but whose main assets are in India, has said the bid is part of a drive by Sterlite to become a diversified copper producer and gain a North American presence. Asarco, formerly known as American Smelting and Refining Co and based in Tucson, Arizona, sought bankruptcy protection in 2005 after being sued over environmental clean-up and asbestos claims. Its Mexican parent, Grupo Mexico, lost control of Asarco when a judge named an independent board. Grupo Mexico has since fought to regain control of the company. Both bidders have promised to pay off creditors in full. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Enlarge Photo A front-end loader carries copper concentrate at a mine in Australia. British metals giant Vedanta has raised its offer for bankrupt US copper miner Asarco to 2.57 billion dollars in a bid to beat out rival suitor Grupo Mexico. Most Popular – Top Stories Viewed Remains of Jesus-era synagogue found in Israel Britain apologises to WWII code-breaker hero Semenya's family angered by hermaphrodite report Space shuttle Discovery lands safely in California Giant statues reveal red hat secrets: study View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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