https://www.engineeringnews.co.za

Wesfarmers shuts the book on Lynas deal

22nd August 2019

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – ASX-listed Wesfarmers has abandoned its A$1.5-billion takeover of rare earths miner Lynas, after failing to engage Lynas in talks.

Wesfarmers in March announced its conditional, non-binding indicative proposal for Lynas, under which shareholders were offered A$2.25 a share in cash.

The proposed offer was subject to a number of conditions, including due diligence investigations, the negotiation and execution of an implementation agreement, regulatory and shareholder approval, and Lynas securing its relevant operating licences in Malaysia.

Lynas this week confirmed the receipt of its Malaysian operating licence, which will be valid for an initial six-month period. The new licence included a number of conditions, including Lynas relocating its cracking and leaching activities offshore.

Lynas had previously said the company had taken the decision not to engage with Wesfarmers after evaluating the indicative and highly conditional offer.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Axiom Hydraulics
Axiom Hydraulics

Axiom Hydraulics is a trusted leader in South Africa’s hydraulic industry, delivering world-class components, systems, and engineering expertise...

VISIT SHOWROOM 
Egoli Gas (Pty) Ltd
Egoli Gas (Pty) Ltd

As a reticulator, Egoli Gas provides natural gas to homes and businesses via underground pipes.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.091 1.034s - 140pq - 2rq
Subscribe Now