Wednesday, June 11, 2008
"Highlighting the growing global clout of companies from emerging markets, India's Vedanta Resources, PLC reached a $2.6 billion deal to purchase the assets of a bankrupt U.S. copper miner, Asarco LLC, people familiar with the transaction said. ... Groupo Mexico [GM] said it will challenge the sale. ... Jorge Lazlade, vice president and general counsel for Asarco Inc., the [GM] entity that is the nominal owner of Asarco LLC denied the asset-stripping claim and said the suit was a legal tactic designed to damage [GM]", WSJ, 31 May 2008.
I wish Vedanta well with its new acquisition and hope it wipes the legal floor with GM. See my 1 June 2008 post.