Offer Made For Asarco's Assets

Swiss industrial giant Glencore AG & Washington Corp., a Montana conglomerate, formed a joint venture to make an offer for substantially all of Asarco's assets. Last year, Glencore won Asarco's Tennessee Mines zinc division, with a $65 million bid at a Bankruptcy Court auction.

Other companies, such as Rio Tinto PLC, BHP Billiton Ltd., Xstrata PLC and Phelps Dodge Corp., have been mentioned as possible buyers of Asarco. Phelps Dodge itself has agreed to be bought for $25.9 billion by New Orleans-based Freeport-McMoRan Copper & Gold Inc. in a deal that still needs shareholder approval.

Asarco's debtors committee has the exclusive rights until April 6 to develop a reorganization plan for the company. The deadline has already been extended 5 times, though, & could very well be again.