ASX ASE Technology Holding Co Ltd

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Name	Symbol	Market	Type
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Sterlite Industries: US Court Rejects Claim For $50 Million Refund From Asarco

15/02/2012 8:09am

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Sterlite Industries Ltd. (500900.BY), a unit of Vedanta Resources PLC (VED.LN), said Wednesday a U.S. bankruptcy court has rejected its claim for a refund of $50 million it had paid as part of a process to acquire the U.S.-based miner Asarco LLC.

With the rejection of the claim, Sterlite will have to pay a total of $132.75 million as damage to Asarco for its unsuccessful takeover bid in 2009.

Sterlite lost a bidding war for Asarco after a Texas bankruptcy court approved a rival restructuring plan for the company proposed by Asarco's corporate parent, Grupo Mexico SAB (GMEXICO.MX).

-By Prasenjit Bhattacharya, Dow Jones Newswires; 91-11-4356-3358; prasenjit.bhattacharya@dowjones.com