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Wesfarmers drops A$1.5B takeover bid for rare earths producer Lynas

Wesfarmers Ltd. no longer intends to pursue a takeover of Lynas Corp. Ltd., it said Aug. 22.

In late March, the coal mining-to-retail giant introduced a nonbinding indicative proposal to acquire Lynas for A$1.5 billion in cash.

The proposal was subject to negotiation and execution of an implementation agreement, but Wesfarmers was unable to make progress on the bid.

In early June, Wesfarmers said its interest in Lynas was "unchanged," and it would review its position once there was regulatory certainty around Lynas' operating license in Malaysia.

Lynas said Aug. 22 that it received a six-month extension of its license to operate the Gebeng rare earths processing plant.