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. Last Updated: 07/27/2016

Asarco Accepts Bid

NEW YORK -- Asarco Inc. signed a $1.18 billion merger pact Monday with Mexican conglomerate Grupo Mexico SA, canceling a $1.17 billion deal with Phelps Dodge Corp. and ending a complicated takeover battle.

The move, which was expected, came after Phelps Dodge refused last week to sweeten its cash and stock offer that valued Asarco at $29.34 a share, based on Friday's closing prices on the New York Stock Exchange.

Grupo Mexico, a latecomer in the fight for control of Asarco, will pay $29.75 a share in cash for the New York-based company. The deal also calls for the assumption of about $1 billion in Asarco debt.