Sterlite Industries: US Court Rejects Claim For $50 Million Refund From Asarco
15 February 2012 - 7:09PM
Dow Jones News
Sterlite Industries Ltd. (500900.BY), a unit of Vedanta
Resources PLC (VED.LN), said Wednesday a U.S. bankruptcy court has
rejected its claim for a refund of $50 million it had paid as part
of a process to acquire the U.S.-based miner Asarco LLC.
With the rejection of the claim, Sterlite will have to pay a
total of $132.75 million as damage to Asarco for its unsuccessful
takeover bid in 2009.
Sterlite lost a bidding war for Asarco after a Texas bankruptcy
court approved a rival restructuring plan for the company proposed
by Asarco's corporate parent, Grupo Mexico SAB (GMEXICO.MX).
-By Prasenjit Bhattacharya, Dow Jones Newswires;
91-11-4356-3358; prasenjit.bhattacharya@dowjones.com
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