Sterlite Industries will get another chance to stake a claim to US copper miner Asarco. Andrew Hanen, a District Court Judge of Texas declined from confirming the verdict of a lower bankruptcy court that had recommended Grupo Mexico for Asarco.
Hanen said the court would allow Sterlite Industries to present its $ 2.5-billion reorganization plan for Asarco.
All eyes are now on District Judge Hanen who is expected to give the final verdict by the end of November. Last month, Sterlite had raised its offer price for Asarco to $ 2.56 billion from $ 2.13 billion in a last-ditch attempt to thwart Grupo Mexico.
Related posts:
