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OZ Minerals launches Avanco takeover

OZ Minerals (AU:OZL) must have been happy to see Avanco Resources (AU:AVB) announce added resources and a new project in recent months without the market taking much notice. Now, it wants to buy the company for its Brazil assets.

OZ Minerals launches Avanco takeover OZ Minerals launches Avanco takeover OZ Minerals launches Avanco takeover OZ Minerals launches Avanco takeover OZ Minerals launches Avanco takeover

Pick up or delivery? OZ Minerals has put in an offer for Avanco that could see the Antas mine in Brazil change hands

OZ will offer A$0.085 (US$0.066) cash and 0.009 of an OZ share for every Avanco share held, valuing Avanco at $0.17 per share, a whopping 120% premium to Avanco's closing price on Monday.