Australian retail-to-chemicals conglomerate Wesfarmers Ltd said on Tuesday that ...
- Australian retail-to-chemicals conglomerate Wesfarmers Ltd said on Tuesday that it had made a bid to acquire niche rare earths miner Lynas Corp Ltd for A$1.50 billion in cash.
For Wesfarmers, the deal opens up a strategic play on a struggling niche producer with an asset in its homebase of Western Australia, and which is the world’s sole producer outside China of the rare earths needed in everything from electric vehicles to iphones. “Wesfarmers have a license to operate within basically any industry. It’s Wesfarmers’ style to buy counter-cyclically at a depressed price. They can easily afford it. I think it will be interesting to see what other bidders come out,” said an analyst who covers Wesfarmers. He declined to be named as he was not authorized to speak to media.
“The price is far too low and other bidders will likely pay more for it,” said analyst Dylan Kelly of CLSA in Sydney.
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