Asarco Inc

Asarco, the U.S. copper-mining unit of Grupo Mexico, has filed for bankruptcy protection after a five-week strike halved copper production and as asbestos claims approached $1 billion. Liabilities exceed assets by $400 million, Asarco Chief Executive Daniel Tellechea said. The Tucson-based copper producer filed for Chapter 11 reorganization Tuesday in U.S. Bankruptcy Court for the Southern District of Texas in Corpus Christi.

Copper producer Asarco Inc. said it filed a complaint in federal court in Manhattan, claiming Phelps Dodge Corp.'s $2.5-billion unsolicited bid for it and Cyprus Amax Minerals Co. violates U.S. antitrust laws. Asarco and Cyprus Amax agreed in July to a merger of their own, now valued at about $1.5 billion in stock. Phoenix-based Phelps Dodge said it would contest the suit.

Asarco Inc. said Friday that its board will accept a newly sweetened $1.8-billion bid from Grupo Mexico, all but ending Phelps Dodge Corp.'s seven-week effort to buy the third-largest U.S. copper producer. Asarco said Mexico's largest copper producer and owner of a 10% stake in the company raised its cash offer by 25 cents a share to $29.75, and it will assume $1.02 billion of Asarco debt. Phelps' last offer was for $29.29 in cash and stock.

Mexican conglomerate Grupo Mexico raised its bid for copper company Asarco Inc. to $1.17 billion in cash Thursday, topping a day-old friendly $1.13-billion cash-and-stock pact between Asarco and Phelps Dodge Corp. The Mexico City-based company said it would pay $29.50 for each of Asarco's 39.8 million outstanding shares. The Phelps Dodge pact values Asarco at $28.43 a share based on Thursday's closing price for Phelps Dodge stock.

Cyprus Amax Minerals Co. and Asarco Inc. said they agreed to merge in a $2.2-billion deal that would create the world's largest publicly traded copper producer and the world's second-largest copper company, behind Chile's government-owned Codelco. The combined company, to be known as Asarco Cyprus Inc., would have about $8 billion in assets and 15,000 employees, and produce about 2 billion pounds of copper a year.

Cyprus Amax Minerals Co. and Asarco Inc. said Wednesday that they will consider an unsolicited takeover bid from Phelps Dodge Corp. to form the world's biggest copper producer--if their suitor boosts its all-stock proposal by 29% to $3.32 billion. Cyprus and Asarco, which had already agreed to merge, Friday rejected a $2.57-billion Phelps Dodge bid. On Wednesday, they asked Phelps Dodge to increase the amount of stock it would pay to 0.53 share for each Asarco share, valued at $30.54, and 0.

Asarco Inc. accepted a sweetened buyout offer from Phelps Dodge Corp., setting up a three-way, $2.9-billion deal that would make Phelps Dodge the world's largest copper producer. Cyprus Amax Minerals Co. accepted an offer from Phelps last week, breaking away from a plan to merge with New York-based Asarco. Asarco and Englewood, Colo.-based Cyprus originally rejected what began as a hostile, stock-only takeover bid for the two companies by Phoenix-based Phelps Dodge.

Asarco Inc.'s board unanimously recommended that shareholders reject competing takeover offers from Phelps Dodge Corp. and Grupo Mexico, challenging suitors for the copper producer to raise their bids. Asarco's directors authorized management to begin seeking better offers. The offer from Phelps, the largest U.S. copper company, is valued at $1.98 billion in cash, stock and assumed debt based on its closing price of $54.38 on Monday. Grupo Mexico, that country's No.

Phelps Dodge Corp. Wednesday raised its hostile bid for merging rivals Asarco Inc. and Cyprus Amax Minerals Co. to $2.83 billion in cash and stock, up from a previous all-stock offer of $2.63 billion. The development brought a new twist to the month-old takeover battle, coming just eight days before shareholders of Cyprus and Asarco are scheduled to vote on their planned $1.5-billion merger that was announced in July.

The board of copper producer Asarco Inc. is scheduled to meet today to consider a takeover bid of $1.17 billion in cash from Mexican conglomerate Grupo Mexico, according to sources familiar with the situation. New York-based Asarco signed a friendly $1.14-billion cash and stock pact with Phelps Dodge Corp. on Oct. 5, but the deal was thrown into flux two days later, when Grupo Mexico raised its previous bid of $1.03 billion.

Mexican conglomerate Grupo Mexico raised its bid for copper company Asarco Inc. to $1.17 billion in cash Thursday, topping a day-old friendly $1.13-billion cash-and-stock pact between Asarco and Phelps Dodge Corp. The Mexico City-based company said it would pay $29.50 for each of Asarco's 39.8 million outstanding shares. The Phelps Dodge pact values Asarco at $28.43 a share based on Thursday's closing price for Phelps Dodge stock.

Asarco Inc. accepted a sweetened buyout offer from Phelps Dodge Corp., setting up a three-way, $2.9-billion deal that would make Phelps Dodge the world's largest copper producer. Cyprus Amax Minerals Co. accepted an offer from Phelps last week, breaking away from a plan to merge with New York-based Asarco. Asarco and Englewood, Colo.-based Cyprus originally rejected what began as a hostile, stock-only takeover bid for the two companies by Phoenix-based Phelps Dodge.

Asarco Inc.'s board unanimously recommended that shareholders reject competing takeover offers from Phelps Dodge Corp. and Grupo Mexico, challenging suitors for the copper producer to raise their bids. Asarco's directors authorized management to begin seeking better offers. The offer from Phelps, the largest U.S. copper company, is valued at $1.98 billion in cash, stock and assumed debt based on its closing price of $54.38 on Monday. Grupo Mexico, that country's No.

Phelps Dodge Corp., the biggest U.S. copper producer, told Asarco Inc. that it's ready to raise its $996.6-million bid for the company after a Mexican rival on Friday made a higher offer. Phelps Chief Executive Douglas Yearley sent a letter Monday to his Asarco counterpart, Francis McAllister, suggesting that they meet to discuss a revised Phelps proposal. A new Phelps offer would be "superior to those you are now considering," the letter said.

Cyprus Amax Minerals Co. and Asarco Inc. are expected to meet with rival Phelps Dodge Corp. to negotiate the takeover of the two copper producers, which on Wednesday rejected Phelps' hostile offer of $2.82 billion. The three companies will probably start talks before Cyprus and Asarco shareholders vote next Thursday on those two companies' proposed $2.45-billion all-stock merger, or Phelps' cash and stock offer, analysts said.

Copper companies Asarco Inc. and Cyprus Amax Minerals Co. said their board rejected a $2.6-billion takeover offer by Phelps Dodge Corp. and urged shareholders not to tender their shares to the rival metals producer. The move, which had been widely expected, was a formal response to the hostile bid launched Sept. 3 by Phoenix-based Phelps Dodge. Asarco and Cyprus have been aggressively urging shareholders to support their own $1.5-billion merger plan announced in July.

Phelps Dodge Corp. Wednesday raised its hostile bid for merging rivals Asarco Inc. and Cyprus Amax Minerals Co. to $2.83 billion in cash and stock, up from a previous all-stock offer of $2.63 billion. The development brought a new twist to the month-old takeover battle, coming just eight days before shareholders of Cyprus and Asarco are scheduled to vote on their planned $1.5-billion merger that was announced in July.