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Glencore the X-factor in OZ Minerals' 'expensive' bid for copper junior Avanco

Peter Ker

Glencore is yet to agree to sell its 8.27 per cent stake in takeover target Avanco Resources, but analysts believe there is little chance of the Swiss miner launching a bid for the copper junior that rivals the $444 million offer lobbed by OZ Minerals on Tuesday.

OZ's cash and scrip bid was priced at a 120 per cent premium to Avanco's closing price on Monday, prompting analysts to label the offer expensive – at the same time as retail investors accused their board of caving in too easily.

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Peter Ker covers resource companies for The Australian Financial Review, based in Melbourne. Connect with Peter on Twitter. Email Peter at pker@afr.com

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    Original URL: https://www.afr.com/companies/mining/glencore-the-xfactor-in-oz-minerals-avanco-bid-20180327-h0y16j