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Journalism of Courage
The Anil Agarwal-led Sterlite Industries has lowered its bid for bankrupt copper miner Asarco by $75 million to $ 1.79 billion even as it hiked the cash component of the offer to $1.58 billion citing an increase in copper prices. The consideration was changed to reflect an increase in copper prices and to meet the expectations of creditors, the company said in a filing to the Bombay Stock Exchange. Earlier,the Vedanta Resources group company had offered $1.87 billion,with a cash component of $1.1 billion. The company said the reduction in the deferred payments to be paid through notes is compensated by the increase in the cash component of the offer.
