KSLA News 12 Shreveport, Louisiana |Grupo Mexico wins back copper mining unit Asarco
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Associated Press - November 15, 2009 8:55 PM ET
BROWNSVILLE, Texas (AP) - A Texas judge has issued final approval of Grupo Mexico SAB's plan to regain control of copper miner Asarco LLC.
The ruling ends a lengthy takeover battle with rival suitor Sterlite Industries.
The Mexico City-based conglomerate says today that U.S. District Court Judge Andrew Hanen in Brownsville, Texas on Friday confirmed Grupo Mexico's plan to pay $2.2 billion to Asarco's creditors.
The deal was previously recommended for approval by U.S. Bankruptcy Court Judge Richard Schmidt.
The ruling will return control of Asarco to Americas Mining Corp., a Grupo Mexico subsidiary. The deal is expected to close by mid-December.
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