NZC ta chart, page-109

Normally, a non controlling stake such as that which Huayou has in NZC would be a slight negative in the grand scheme of a takeout play as it would keep other potential suitors out. But with Tembo controlling things here - and importantly it being a non strategic investor - the game is very different. Tembo is a seller...at a price. Unless Huayou offers a price that is attractive for Tembo, there is no play. The asset is not secured for Huayou. No assured supply.

In AVZ in contrast, Huayou is now in driver's seat and calling the shots. Not here. To earn that right, Huayou will have to out-control Tembo and that would require a control premium to be paid.