Grupo Mexico Closer to Taking Asarco

Grupo Mexico Closer to Taking Asarco

Corporate & Sovereign Strategy

Grupo Mexico is moving closer to taking copper miner Asarco as a bankruptcy judge says its offer is better than that of India-based Sterlite Industries. It is now up to a federal district court judge in Brownsville, Texas to make the final decision, expected by the end of November. Grupo Mexico's plan will contribute $2.2bn in cash to Asarco’s debtors, provide a $280m promissory note, a $200m working capital facility to fund Asarco’s operations after bankruptcy, and a release of Grupo Mexico's c

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