Bid Reduced By $75M, Cash Component Hiked To $1.58M
Mumbai: Sterlite Industries, a subsidiary of Anil Agarwalcontrolled Vedanta Resources, has revised its offer for the operating assets of bankrupt US copper miner Asarco. “Sterlite Industries has changed its bid to purchase Asarco’s operating assets. The revised consideration includes cash of $1,587 million and a $208 million copper price participation note (reduced from earlier $770 million),’’ the company informed BSE on Tuesday. The company was to earlier pay $1.1 billion in cash for Asarco in addition to the senior secured non-interest bearing promissory notes. Sterlite said the consideration was changed to reflect an increase in copper prices and to meet the expectations of creditors. Higher cash consideration reflects its offer of cash in lieu of the reduction in value of the copper price participation note from $770 million to $208 million. Sterlite will also be the beneficiary of 50% of the proceeds from general unsecured creditors’ interest in a judgment against Americas Mining Corporation awarded by US district court of Texas, Brownsville division, once the general unsecured creditors are paid in full, including post petition interest. Sterlite is battling Grupo Mexico for control of Asarco, whose mines have estimated reserves of 5 million tonnes of contained copper. For the year 2008, Asarco had total revenues of nearly $1.9 billion. --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en -~----------~----~----~----~------~----~------~--~---
