OZ looks to Brazil with Avanco takeover

MID-TIER copper producer OZ Minerals has announced a A$418 million takeover for smaller miner Avanco Resources.

OZ looks to Brazil with Avanco takeover OZ looks to Brazil with Avanco takeover OZ looks to Brazil with Avanco takeover OZ looks to Brazil with Avanco takeover OZ looks to Brazil with Avanco takeover

The Antas copper operation in Brazil

OZ will offer 8.5c cash and 0.009 of an OZ share for every Avanco share held, valuing Avanco at 17c per share, a whopping 120% premium to Avanco's closing price yesterday.