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Sterlite to buy Asarco at half the offer rate

The economic meltdown and fall in commodity prices will help Sterlite Industries, the flagship firm of London-listed Vedanta group, in closing the acquisition of US copper miner Asarco at a valuation that is nearly half the earlier agreed price of $2.6 billion, after discounting 'goodwill' and liabilities. The deal is expected to be finalised in a week as the Asarco board has agreed to the offer price, sources close to the development said. "Sterlite will pay at least $1 billion lower than the earlier decided $2.6 billion for the specific assets of the bankrupt Asarco. The $2.6 billion ...