Grupo Mexico wins back copper mining unit Asarco

BROWNSVILLE, Texas (AP) – A Texas judge has issued final approval of Grupo Mexico SAB’s plan to regain control of copper miner Asarco LLC.

The ruling ends a lengthy takeover battle with rival suitor Sterlite Industries.

The Mexico City-based conglomerate said Sunday that U.S. District Court Judge Andrew Hanen in Brownsville, Texas, on Friday confirmed Grupo Mexico’s plan to pay $2.2 billion to Asarco’s creditors.

The deal was previously recommended for approval by U.S. Bankruptcy Court Judge Richard Schmidt.

The ruling will return control of Asarco to Americas Mining Corp., a Grupo Mexico subsidiary. The deal is expected to close by mid-December.