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OZ deepens project pipeline with Avanco bid

OZ Minerals triggered a bout of indigestion for its stock followers when it lobbed its agreed takeover bid for ASX-listed Brazilian copper and gold producer/developer Avanco Resources (ASX: AVB) on Tuesday morning. But the indigestion didn’t last long.

Barry FitzGerald*
Aerial view of Avanco's Pedra Branca site in Brazil

Aerial view of Avanco's Pedra Branca site in Brazil

By the close of trade on Tuesday the scrip and cash bid valued Avanco at 16.69c a share or $442 million (US$339 million) - a whopping 116% premium to Avanco's undisturbed pre-bid share price. The size...

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