India's Sterlite in $2.6 billion US acquisition

The cash-rich mining company announces India's largest cross-border M&A deal so far this year with its purchase of Asarco, but some uncertainties remain with respect to the target.

IndiaƆs Sterlite Industries will buy the operating assets of US-based smelting, mining and refining company Asarco for $2.6 billion in cash.

The acquisition includes three open-pit copper mines and a copper smelter in Arizona and a copper refinery, rod and cake plant as well as a precious metals plant in Texas, on a debt-free basis. Sterlite will assume operating liabilities but not legacy liabilities for asbestos and environmental claims for ceased operations. Sources close to the deal say the...

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