Sterlite Industries Bought US Based Asarco LIc
Sterlite Industries Ltd has agreed to buy the entire operating assets of the US-based copper mining company Asarco Llc for $2.6 billion (around Rs 11,050 crore) in cash.
Sterlite emerged as the highest bidder in a court-approved auction; other bidders included Grupo Mexico which owned Asarco before the latter became bankrupt.
With Asarco acquisition, Sterlite Industries will become a significant player in the global copper business.
The Asarco deal, subject to the approval of US Bankruptcy Court, will be funded through a mix of equity and debt. Asarco had filed for bankruptcy in 2005 after it was sued for $1 billion in claims related to environmental issues.
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