Sterlite ups Asarco offer

Metals major Sterlite Industries

has raised its bid for acquiring Asarco, the third-largest copper company in the US, for the third time in two months. The revised bid would now include an all-cash offer of $2.56 billion (about Rs 12,300 crore at current exchange rates

), compared with its earlier bid of $2.13 billion that was rejected by the Texas Bankruptcy Court, which had recommended rival Grupo Mexico’s offer instead. Grupo Mexico’s offer consisted of $2.2 billion in cash plus a $280-million promissory note to the creditors.

Sterlite’s latest announcement is a shade better than rival. The District Court in Texas is taking a final view of the two competing bids and the court is expected to pronounce its judgement by September-end.

Acquisition of copper mines and an entry into the US market were the main reasons for the contest between Sterlite and Grupo Mexico to own Asarco.