Grupo Mexico Scraps Southern Copper, Asarco Merger Proposal

Bloomberg reported that Grupo Mexico (OTC Pink:GMBXF) has decided not to pursue a merger of two of its mining businesses.

As quoted in the market news:

Grupo Mexico withdrew its offer “in light of our recent discussions and other developments,” according to an Oct. 28 letter to Phoenix-based Southern Copper, which didn’t provide further details. Grupo Mexico, the owner of 81 percent of Southern Copper, had offered investors 1.237 shares of its Americas unit for each Southern Copper share in July 2010.

Click here to read the full Bloomberg report.