Harbinger Capital Abandons Attempt at Asarco Takeover
| August 7th, 2009 | ||
| Harbinger Capital Partners has officially ended its efforts to take over Asarco, according to VCCircle, leaving the door open for India’s Sterlite or Grupo Mexico to gain control of the mining company which is currently in Chapter 11 bankruptcy. Harbinger, along with Citigroup, is one of the largest bondholders of Asarco and had previously offered $500 million to take it over. Having withdrawn from the race, Harbinger has pledged its support to Sterlite and plans to oppose Grupo Mexico’s bid if necessary. Asarco filed for bankruptcy in 2005 with around $1.1 billion in environmental damage claims. | ||
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For Detailed Investor Profiles on these Investors, click below: |
Harbinger Capital Partners LLC |
Related People: Philip Falcone
Related Entities: Harbert Management Corporation*;
Related Article Tags: Multi-Strategy, Long Short, Equity, Debt and Global Macro Hedge Fund News; Investment Management and Hedge Fund Firm Mergers, Acquisitions, Spin-offs and Transactions
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