Sterlite may face competition in Asarco bid

BS reported that there may be fresh bidding after Sterlite's revised offer for Asarco as the valuation of the bankrupt US copper miner has dropped in line with the commodity prices. Asarco attorney Jack Kinzie said that "We are in hot and heavy discussions with multiple parties on multiple plans." As per report, the Vedanta group's flagship firm had recently submitted a revised bid, which is believed to be USD 500 million less than its earlier offer of USD 2.6 billion, citing drop in the metal prices and financial crunch. Asarco, which operates three large copper mines had filed for bankruptcy protection in 2005. (Sourced from Business Standard)