OZ Minerals says Avanco deal is close

Today's AFR has a charming piece by Peter Ker on the AVB takeover.

The juice:

"OZ Minerals chief executive Andrew Cole expects to have control of takeover target Avanco Resources within a week, and says Glencore’s stance on the $440 million offer should also be known shortly

"OZ’s cash and scrip offer for Brazil focused Avanco is due to expire next week, and the Adelaide-based company would need to announce an extension within 24 hours if it wanted to extend the offer period for a third time.

"But Mr Cole said he did not expect another extension would be necessary, despite two of Avanco’s larger shareholders, private equity firm Greenstone and Swiss miner Glencore being slow to accept the offer.

‘‘The bid has been going very well ... it is trickling in so I am confident it will close,’’ he said when asked if he was confident OZ’s stake in Avanco would exceed 50 per cent before the June 14 expiry.

Asked whether he had clarity over Glencore’s attitude towards the bid, Mr Cole said; ‘‘We talk to all the shareholders ... you will probably get clarity on that question soon I suspect.’’

https://www.copyright link/business...ging-toward-control-of-avanco-20180605-h10ywf

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Ash here.

AC is a very confident the offer will succeed - pronto.  Going on the public record like this unless he was certain would be an unacceptable risk to the cautious OZL BoD.

Getting 50.1% is only the first stage. OZL wants all AVB, to internalise it. I foresee a very orderly takeover, as AVB holders are being offered cash and OZL shares so they can continue to share in the bonanza they consider AVB to be.

Ash