News: COL UPDATE 1-Australia's Wesfarmers makes $1.1 bln buyout offer for Lynas Corp

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March 26 (Reuters) - Australian conglomerate Wesfarmers Ltd (WES) said on Tuesday it made a bid to acquire rare earths miner Lynas Corporation Ltd (LYC) for A$1.50 billion ($1.07 billion) in cash.

Flush from the spin-off of supermarket chain Coles Group (COL) , the conglomerate made an offer of A$2.25 per Lynas share, a near 45 percent premium to the miner's last close.

"An investment in Lynas leverages our unique assets and capabilities, including in chemical processing, and will deliver Lynas’ shareholders with an attractive premium and certain cash return," Wesfarmers Managing Director Rob Scott said in a statement.

The proposal, which includes a variety of conditions, is dependent on Lynas having relevant operating licences in Malaysia for satisfactory period following the close of the deal.

Lynas, which is the only major rare earth elements miner outside China, is facing hurdles in licence renewals for its $800 million plant in Malaysia. ($1 = 1.4069 Australian dollars)