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Avanco shareholders Appian, BlackRock accept OZ Minerals' takeover offer

OZ Minerals Ltd. secured a stake of about 35.57% in Avanco Resources Ltd. under its A$418 million takeover offer, according to a May 11 OZ Minerals news release.

Avanco's largest shareholder, Appian Natural Resources, which holds about 18.44% of the company, formally accepted the offer of 8.5 Australian cents in cash and 0.009 of an OZ Minerals share per Avanco share.

Meanwhile, 11.60%-owner BlackRock and its related entities accepted the offer. It is scheduled to close June 1 and was accepted by Avanco's board in early May.