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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (36053)	4/24/2009 9:34:11 PM
From: LoneClone	Read Replies (1) \| Respond to of 196200

Bankruptcy judge says Sterlite can buy Asarco Thursday April 23, 8:56 pm ET ca.us.biz.yahoo.com Bankruptcy judge in Texas says India's Sterlite copper producer can buy Asarco TUCSON, Ariz. (AP) -- India's largest copper producer can acquire Tucson, Ariz.-based Asarco LLC for $1.1 billion in cash and a $600 million note, a Texas judge has said. U.S. Bankruptcy Judge Richard Schmidt approved the request Wednesday from Asarco's court-approved board to sign a sale contract with Sterlite Industries Ltd. But that will start 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. Schmidt said Asarco and its board "acted in the best interests of the debtors, their estates and all creditors and stakeholders." The judge's order also said that the proposed purchase "is fair and reasonable, and provides a benefit to the debtors, their estates and to all creditors." Sterling initially said that Schmidt would have to approve its offer by April 15, but the judge said he needed more time before ruling. Earlier this month, another federal judge in Texas ordered a Grupo Mexico subsidiary to return stock in a Peruvian mining company once owned by Asarco. The stock and damages assessed amounted to about $6 billion. Asarco's debts include more than $5 billion in claims for asbestos-related environmental cleanup and damages.