Last Updated :
20 August 2009 at 17:10 IST
Sterlite hikes offer price for ASARCO by $500 mn
MUMBAI(Commodity Online): Sterlite Industries (India) Limited, a subsidiary of Vedanta Resources plc, the London-based FTSE 100 metal and mining group, announced that it is increasing its offer, for the purchase of substantially all of the operating assets of ASARCO LLC, by approximately US$ 500 million, and has proposed to support a plan of reorganisation that is intended to pay creditors in full their allowed amount of claims and full post petition interest.
With this improvement, the revised total consideration will increase to Cash at closing of approximately US$ 2.1 billion.
While there is an increase in the cash consideration, Sterlite will receive an approximately 72.5% interest in the Litigation Trust to be setup by the Debtor in Possession (Asarco LLC) at Closing of the transaction to pursue a judgement against Americas Mining Corporation awarded by the US District Court of Texas, Brownsville Division., according to a press release.
The 9 year Copper Price Participation Note of US$ 207.9 million and the Put Option granted to the Asbestos Creditors against their share of 27% litigation interest remain unchanged.
NCDEX PEPPERMALABARGARBLEJUL12 20 July 2012
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