Mexico’s largest mining company Grupo Mexico SAB increased its offer for bankrupt Asarco Llc. by $240 million (around Rs1,164 crore) to $3.1 billion, spokesman Juan Rebolledo said on Wednesday in a telephone interview.
Grupo Mexico is raising its cash offer by $210 million for Asarco, Rebolledo said. A payment note for asbestos plaintiffs will be increased from $250 million to $280 million, he said.
The Tuscon, Arizona-based copper miner also has received offers from an affiliate of Harbinger Capital Partners and from Sterlite Industries (India) Ltd. Asarco creditors should vote for any of the three reorganization plans by 17 August, Rebolledo said.