Tucson-based Asarco LLC, the bankrupt copper producer, offered a $52 million breakup fee to Sterlite Industries Ltd. should a rival top its $2.6 billion bid for Asarco’s assets, Bloomberg News reported.
A rival, including Asarco’s parent company Grupo Mexico SAB, would need to pay at least $77 million more to beat Sterlite’s offer, Asarco attorney Jack Kinzie said. The breakup fee “is reasonable considering the size of the transaction,” Asarco said in court papers.