Copper producer Sterlite Industries, part of Vedanta Resources, is renegotiating the price for its proposed US$2.6 billion purchase of Arizona-based Asarco, blaming the worsening global financial crisis and falling copper prices. Sterlite has demanded that Asarco cut its price by “hundreds of millions of dollars”.
Asarco has been attempting to sell itself to Sterlite in order to exit bankruptcy court protection. A court-ordered mediation session between Sterlite and Asarco was held in October.
At the same time Asarco’s parent, Grupo Mexico, has proposed a competing US$2.7 billion reorganization plan, according to Asarco lawyer Jack Kinzie.
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