Grupo Mexico Ups Asarco Ante

Grupo Mexico has again increased its bid for bankrupt Asarco, this time to $2.2bn in cash, from a previous $2.0bn. The move comes after rival bidder Sterlite Industries, a unit of India’s Vedanta Resources, improved its offer for the target to almost $1.7bn from $1.1bn on August 12. Vedanta is offering $1.6bn in cash and a $208m copper price participation note.