A federal judge has issued a ruling supporting a nearly $2.5 billion bid by Grupo Mexico (GMEXICOB.MX)

Grupo Mexico SAB won the right to regain control of its bankrupt U.S. copper miner when a judge in Texas approved its plan to reorganize Asarco LLC and rejected a competing offer from Sterlite Industries (India) Ltd..

U.S. District Judge Andrew Hanen in Brownsville, Texas ruled that Grupo Mexico’s proposal to pay about $2.5 billion to Asarco’s creditors “is both feasible and confirmable.”

• The decision means that, barring a successful appeal by Sterlite, Grupo Mexico should be able to regain control of the Tucson, Arizona, based copper miner.

Grupo Mexico and Sterlite each promised to spend more than $2.5 billion to guarantee that Asarco’s creditors are repaid in full. In ruling in favor of Grupo Mexico, Hanen agreed with a lower-court opinion from the bankruptcy judge that oversaw Asarco’s case for five years.