Sterlite says still in race for Asarco

Sterlite says still in race for Asarco

Mumbai: India’s Sterlite Industries is still in the race to acquire bankrupt US copper producer Asarco LLC, a senior official said on Friday.

On Thursday, Grupo Mexico SAB de CV said a US bankruptcy judge issued a report to the US district court ratifying his previous recommendation for confirmation of its reorganisation plan for its subsidiary, Asarco.

“He has repeated his earlier opinion. Now it will go to the district court for hearing," said Tarun Jain, director of finance at Sterlite Industries.

“Our bid is there and we are very much in the race," he added.

Sterlite and Grupo Mexico are locked in an intense battle for the control of the American copper producer.

Sterlite shares were trading down 2.1% at Rs746, on the BSE, down 0.8%.