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Business deals

Australia's Wesfarmers makes $1bn bid for rare-earths miner

Conglomerate is offering 45% premium for Lynas, supplier based outside of China

Lynas has clashed with Malaysian regulators over its rare-earths processing plant in the country.   © Reuters

SYDNEY -- Australian group Wesfarmers announced an offer Tuesday to acquire compatriot Lynas, one of the few non-Chinese suppliers of rare earths, returning to a purchase mode after a spate of recent asset disposals.

The bid, which Lynas said was unsolicited, is worth 1.5 billion Australian dollars ($1.06 billion), according to local media. This represents a 45% premium over the miner's last closing price. Lynas said it is "assessing" the proposal.

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