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Vedanta in $2.6 billion deal to buy assets of Asarco

Vedanta in $2.6 billion deal to buy assets of Asarco
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First Published: Sat, May 31 2008. 01 45 AM IST
Updated: Sat, May 31 2008. 01 45 AM IST
Vedanta Resources has reached a $2.6 billion deal to purchase the assets of copper miner Asarco, people familiar with the matter said. India’s Vedanta is expected to face opposition from Grupo Mexico SA, Mexico’s largest mining company, which controlled Asarco before the Tucson, Ariz., company filed for Chapter 11 bankruptcy protection in 2005 amid mounting environmental clean-up costs. Grupo Mexico was one of three companies vying with Vedanta in an auction for Asarco. The deal also still needs approval from the Texas bankruptcy court.
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First Published: Sat, May 31 2008. 01 45 AM IST
More Topics: Vedanta | Mining | Asarco | Copper | Corporate News |