Australia's Lynas says no to Wesfarmers $1.1 billion takeover offer

FILE PHOTO: Rare earths dug up and processed into concentrate at Mount Weld in Western Australia, are pictured after being shipped to the Lynas plant in Gebeng, Malaysia, July 3, 2014. REUTERS/Sonali Paul/File Photo - Copyright Sonali Paul(Reuters)

By Reuters

Published on 27/03/2019 - 00:04•Updated 27/04/2024 - 03:29

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(Reuters) - Australia's Lynas Corp Ltd on Wednesday said it would not engage with conglomerate Wesfarmers on its "highly conditional" $1.1 billion (£832 million) takeover approach for the only proven producer of rare earth elements outside China.

Wesfarmers on Tuesday made a buyout offer of A$2.25 per Lynas share.