Lynas Rare Earths says it was in takeover talks earlier this year
According to an exclusive report by Reuters, the discussions broke down due to a significant level of uncertainty.
Lynas CEO and Managing Director, Amanda Lacaze. (Image courtesy of Lynas.)
Australian miner Lynas Rare Earths was in takeover talks earlier this year but the discussions did not proceed, a spokesperson said on Wednesday.
“The discussions earlier this year had a high level of uncertainty and did not proceed,” the spokesperson said in a statement in response to a question about the company being in takeover talks.
The company, the world’s biggest producer of rare earths outside China, is currently searching for a new CEO, following the retirement of Amanda Lacaze.
Lynas last month reported a sharp rise in annual profit, helped by record average selling prices for rare-earth oxide and strong demand, though it missed market expectations.
(Reporting by Melanie Burton in MelbourneEditing by Alasdair Pal and Kate Mayberry)
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