SAN FRANCISCO/NEW YORK - Yahoo Inc will buy blogging service Tumblr for $1.1 billion cash, giving the Internet pioneer a much-needed social media platform to reach a younger generation of users and breathe new life into its ailing brand. | Video
LONDON - From ketchup to hot drinks, family-run investment firms are shaking up the consumer deals market, squeezing out private equity players and forcing them to change strategy.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.
Grupo Mexico files motion against U.S. court decision
MEXICO CITY |
MEXICO CITY (Reuters) - Mexican mining firm Grupo Mexico said on Tuesday it had filed a motion against a ruling by the Delaware Supreme Court, which had ordered it to pay around $2 billion to Southern Copper Corp over an asset sale.
The Delaware court on August 27 affirmed an earlier decision by a lower court relating to a 2005 deal in which Southern Copper bought Minera Mexico from Grupo Mexico (GMEXICOB.MX), which also controlled Southern Copper (SCCO.N).
That court ruled in October 2011 that Southern Copper overpaid by $1.263 billion, and ordered Grupo Mexico to repay the difference to Southern Copper. The court added interest to the damage award, which brought the total to about $2 billion.
Grupo Mexico said it had presented on Tuesday a motion at the Delaware Supreme Court for the case to be reheard.
In the August ruling, the Delaware court also affirmed a controversial $304 million attorneys' fee approved by the Court of Chancery for the lawyers representing the shareholders who brought the case.
The attorneys' fee was the largest ever of its kind awarded by Delaware's Court of Chancery, one of the country's busiest courts for big shareholder disputes.
Defendants blasted the fee for amounting to $35,000 an hour, more than 30 times the rate in comparable cases.
(Writing by Dave Graham; Editing by Chris Gallagher)
- Tweet this
- Share this
- Digg this