LONDON -(Dow Jones)- Vedanta Resources PLC (VED.LN) expects a final court decision on its bid for U.S. copper producer Asarco LLC within the next two months, Chief Executive M.S. Mehta said Thursday.
Grupo Mexico SAB (GMEXICO.MX) and Vedanta open the next stage in their bidding war for Asarco at a U.S. District Court hearing set for Oct. 19. The hearing follows a ruling from a Texas bankruptcy judge at the end of August that Asarco should go to its corporate parent, Grupo Mexico, which has offered $2.47 billion for the company.
Vedanta has offered $2.56 billion for the Tucson, Ariz., mining company.
"It is difficult to predict the outcome of the (court) process," Mehta said.
If the decision favors Grupo Mexico, Mehta said the company would continue to focus on merger and acquisition opportunities that could add value to the company.
"As and when we find something suitable we will consider that," he said in a call with analysts and reporters.
Company Web site: www.vedantaresources.com
-By Jeffrey Sparshott, Dow Jones Newswires; +44 (0)207 842 9347; jeffrey.sparshott@dowjones.com