The takeover battle for United States copper miner Asarco continues to rage, as its estranged parent Grupo Mexico has offered $1.3 billion to counter Sterlite Industries' offer for the second time.
Sterlite Industries, the flagship firm of London-listed Vedanta Resources, may consider legal action if the bankruptcy court favours Grupo Mexico's counter-offer of $4.1 billion for Asarco, the US copper mining giant. Sterlite's takeover bid for Asarco hit a bump when a judge of a bankruptcy court in Texas signalled on Friday that he might give Grupo Mexico, Asarco's estranged corporate parent, a last chance to resume control of its US subsidiary.
Anil Agarwal-controlled Sterlite Industries has got a leg-up in its takeover battle for bankrupt copper miner Asarco in the United States. A district court in Texas has allowed Sterlite to argue for its amended bid of $2.56 billion, which was earlier rejected by a lower court.
Countering Grupo Mexico's bid to acquire US-based bankrupt miner Asarco, Vedanta Resources group firm Sterlite Industries today said it has increased the cash component of its offer by about $500 million to nearly $2.1 billion.
Sterlite Industries, the flagship firm of London-listed Vedanta, may get the support of rival bidder Harbinger Capital Partners in its takeover plan for the bankrupt US copper mining firm, Asarco. Harbinger has decided to withdraw from the race, informing the bankruptcy court that its plan to restructure Asarco should not be considered.
Asarco's unsecured creditors will support Sterlite Industries, the flagship firm of London-listed Vedanta group, in the bidding war for the bankrupt US copper mining firm.
Asarco has filed a lawsuit against one time suitor Sterlite Industries for backing out of a $2.6 billion deal to take the US copper miner out of bankruptcy in 2008.
Though the verdict of the bankruptcy court needs final approval from the district court, something that Sterlite is banking on, legal experts said that step was just a formality and nothing more. In its ruling filed late Monday, Judge Richard S Schmidt of the bankruptcy court at Corpus Christi in Texas recommended the district court judge to confirm the Grupo Mexico's plan and reject Asarco's own plan, which is sponsored by the Vedanta group company.
The coach of Mexico's national soccer team was accused on Monday of punching a journalist in the neck during an altercation at the Philadelphia airport, a day after Mexico's triumph in Sunday's CONCACAF Gold Cup tournament.
Wrapped in blue and orange wax paper, it's a familiar sight on the shelves of kirana stores across the country. Given how well travelled and mobile it is - starting its journey in Chennai, then turning to Singapore and now landing in Mexico - you could say it lives up to its name: Modern. Modern Food Enterprises, the company that manufactures and sells the bread in question as well as other bakery products under the "Modern" brand name, has recently been sold to the world's largest baking company, Grupo Bimbo, for an undisclosed amount. This latest transaction is the second change of guard at Modern within five years and third since the government divested the company at the turn of the century. At a time, when the National Democratic Alliance government has decided to privatise, or shut down, public sector enterprises except for those deemed strategic, Modern makes for a promising case study of how divestment led to the brand's growth, both in revenue and reach.
The L N Mittal-led giant is also said to be looking for a tie-up with Grupo Villacero, a steel distribution company in Mexico.
Miguel Herrera, Mexico's national soccer team coach, was fired on Tuesday, a day after he allegedly punched a reporter who had criticized his team's performance in the recent Copa America and Gold Cup tournaments.
Republican presidential candidate Donald Trump, a golf resort developer who has railed against Mexico in the 2016 campaign, lost an important golf tournament to that country when the PGA Tour said it would leave his Trump Doral course in Miami.
Emerging multinationals with new business models can pose a disruptive threat to Western companies.
'While dairy farmers are suffering from low prices, consumers are paying a high price for milk.'
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