The Hindu Business Line : “We have support of US govt, unions on Asarco”

NEW DELHI: NRI billionaire Mr Anil Agarwal-led Vedanta Resources on Sunday said it will not offer more than the already announced $1.87 billion to buy bankrupt American miner Asarco but is confident that it can clinch the deal with the support of the US government and the trade unions.

“We will not increase our bid in any circumstances. We believe we are well placed. The US government is with us, the trade union is with us,” Vedanta Resources Chairman, Mr Anil Agarwal said in an interview on the phone.

Vedanta Resources flagship firm Sterlite Industries had last month raised its bid for Asarco by $170 million to $1.87 billion even as Grupo Mexico has offered $3.1 billion to regain control of the ailing mining firm.

If the Asarco bid is lost, Mr Agarwal said that he will look for other opportunities. “At any point, if someone takes Asarco at a higher price we will not regret it,” he added.

A US-based fund house Harbinger Capital Partners is also in the race for Asarco with its $500 million plan.

The interim management of Asarco in March authorised Sterlite Industries to match the competing bid and also gave the Vedanta firm the right to claim break-up fees if its offer falls through. - PTI

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