Grupo Mexico will try to halt Asarco sale

Grupo Mexico will try to halt Asarco sale
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First Published: Sun, Jun 01 2008. 11 56 PM IST
Updated: Sun, Jun 01 2008. 11 56 PM IST
Mexico City: Copper miner Grupo Mexico will do “absolutely everything” in its power to block the sale of its bankrupt subsidiary Asarco to Sterlite Industries, including a court fight.
Asarco vice-president Jorge Lazalde, speaking for the Mexican miner that owns but does not have board control of its subsidiary because of the bankruptcy, said on Saturday, “We will not stop until we get back what is ours.”
“We are going to do absolutely everything necessary,” Lazalde told Reuters in a telephone interview.
Tuscon-based Asarco, which owns three copper mines in Arizona, is selling off its assets to emerge from bankruptcy against the wishes of Grupo Mexico.
The deal is still subject to the approval of a US bankruptcy court, and Grupo Mexico, which has submitted its own reorganization plan to pay off all of Asarco’s debts, says it will fight to halt it.
Grupo Mexico says it was denied key information that would have allowed it to properly value Asarco.
The Mexican company solicited a court-ordered discovery process last week that would reveal the total amount of the US miner’s debts.
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First Published: Sun, Jun 01 2008. 11 56 PM IST