Brazil's B&A may buy Canadian rival Rio Verde - source
* B&A offers to buy remaining 70 pct of firm - source
* B&A is owned by Agnelli's AGN group, bank BTG Pactual
By Sabrina Lorenzi
RIO DE JANEIRO, Dec 4 (Reuters) - B&A Mineração SA, the mining venture co-founded by former Vale SA Chief Executive Roger Agnelli and investment bank BTG Pactual Group, has offered to buy all of Toronto-based Rio Verde Minerals Development Corp , a source with direct knowledge of the situation told Reuters on Tuesday.
B&A Mineracao has made a non-binding proposal to buy the remaining 70 percent it does not own of Rio Verde, which is focused on the exploration and development of fertilizer projects in Brazil, said the source, who is not allowed to speak about the plan on the record.
The source declined to detail terms of the proposal, such as the price offered for Rio Verde.
Rio Verde has a market capitalization of about $44 million, according to Reuters data.
A statement on Rio Verde's website confirmed that the firm "is in negotiations with B&A regarding the potential acquisition of the company." Rio Verde added that it formed a committee and has hired financial and legal advisers to handle the process.
Agnelli and his partners at AGN Participações SA, a mining, fertilizers and logistics company, teamed up with BTG Pactual to found B&A in July. The executive was ousted from Vale , the world's second-largest mining company, last year after a decade at the helm. Continued...