Grupo Mexico completes Asarco deal

Dec 10, 2009 | 09:57 AM | Anne Riley

Grupo Mexico SA de CV has completed its deal to regain control of former subsidiary Asarco LLC despite the United Steelworkers union filing a late appeal against the decision.

Grupo Mexico's plan guarantees, among other things, that $2.2 billion in cash plus $1.4 billion from Asarco's own balance sheet will be distributed to creditors of the Tucson, Ariz.-based copper miner, which is once again profitable after filing for Chapter 11 bankruptcy protection under the weight of massive asbestos claims in August 2005.....

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