OZ Minerals bids $444m for Avanco
Mid-tier copper miner Oz Minerals has made a $444 million offer to snap up junior copper explorer Avanco Resources.
The Avanco board has advised shareholders to accept the offer, with two major shareholders representing 30 per cent indicating their support for the takeover.
The prize asset for OZ will be Avanco’s asset portfolio in the world-class Carajas region in Brazil.
“OZ Minerals’ offer is at a significant premium to recent trading levels and provides an attractive opportunity for Avanco shareholders to both crystallise value today whilst also maintaining base metals exposure through their holding in OZ Minerals, one of Australia’s leading base metals producers,” Avanco managing director Tony Polglase said.