SYDNEY -- Australian conglomerate Wesfarmers has dropped its bid to acquire compatriot and rare-earth metals miner Lynas, it said, after U.S.-China trade tensions surrounding the elements drove up the target's value.
Business deals
Non-Chinese rare-earth miner Lynas becomes too pricey to buy
Australia's Wesfarmers abandons $1bn bid after trade war boosts share price
Lynas, which operates this rare-earth facility in Malaysia, saw its stock price surge due to the trade war. (Photo courtesy of Lynas).
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