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

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)
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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.

(Reporting by Aditya Soni in Bengaluru; Editing by Tom Brown)

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