Grupo Mexico offered $1.3bn in cash to recover bankrupt US miner Asarco in a US court on Monday, a Grupo Mexico lawyer said.
In the middle of court proceedings in Corpus Christi, Texas, Jorge Lazalde confirmed the amount of the offer, saying more details will be available after the hearing concludes.
The offer is lower than the $1.7bn - $1.1bn in cash, plus a $600m in notes - offered by India's Sterlite Industries, a unit of London-listed Vedanta Resources, to take over the ailing Arizona-based miner, weighed down by heavy environmental claims.
Grupo Mexico acquired Asarco in a leveraged buyout in 1999, but lost board control due to the bankruptcy.
In a separate court case in Brownsville, Texas, Asarco sued its former parent, saying it was not paid fair market value during the original sale.
A US District Court Judge ruled on 1 April that Grupo Mexico had committed a fraudulent transfer and ordered it to return as much as $6bn in stock and dividends to Asarco, but the Mexican miner said it would appeal the decision.
Grupo Mexico last traded at 11.30 pesos, up 6.50%, according to preliminary closing market data on Monday
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