Vedanta sweetens its bid for copper mining assets

METALS group Vedanta Resources upped the ante on its bid for the assets of bankrupt US copper miner Asarco yesterday.<br /><br />Vedanta&rsquo;s subsidiary Sterlite is fighting Grupo Mexico in a court in Texas for the assets.<br /><br />It hiked up its offer to $1.59bn (&pound;957m) cash, from the $1.1bn it originally offered, and cut the value of its copper price participation note to $208m.<br /><br />&ldquo;The consideration was changed to reflect an increase in copper prices and to meet the expectations of creditors,&rdquo; Sterlite said yesterday.<br /><br />Sterlite had earlier in June revised its offer to $1.87bn from $1.7bn and said it is not looking to revise the price upwards.<br /><br />This was after it previously scaled down the value of its offer.<br /><br />Meanwhile, Grupo Mexico has countered this with $1.72bn in cash, plus a $280m secured note to a trust for asbestos claimants.