Southern Copper’s burnt fingers worth $1.3 billion says judge
Bloomberg reports Grupo Mexico must return $1.3 billion to Southern Copper Corp. for forcing the unit to overpay for Minera México, a Delaware judge ruled.
The court found that the terms of the 2005 merger was unfair to Southern Copper which mines copper and silver in Peru and Mexico. The court determined that Minera Mexico, at the time the second richest copper miner after Chile's Codelco, was only worth $2.43 billion and not the $3.75 billion Southern Copper paid.