Asarco Can Accept Higher Bid

A Texas bankruptcy court has granted Asarco the right to accept offers to see if it can get a better deal than Sterlite’s $1.7bn. It has until the court approves its reorganization to find a better offer. Asarco has between May 18 and September 30 to solicit creditors’ acceptance of its reorganization plan. “With this extension we do not see a short-term final resolution which could allow legal uncertainties go away from Grupo Mexico’s valuation,” says Mexico research firm Actinver, which has an overweight recommendation on Grupo Mexico stock.